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On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium.

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On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%. Based on this information the carrying value of the bond liability on January 1, Year 1 is Multiple Choice $52,000 $50,000 $48,000 $46,500

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