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On July 1, 2017 Pabbie Inc. issues 10-year $1,000,000 bonds with interest payable each December 31 st and June 30 th . The stated rate
On July 1, 2017 Pabbie Inc. issues 10-year $1,000,000 bonds with interest payable each December 31st and June 30th. The stated rate of interest on the bonds is 5% and the market rate for bonds with similar risk and maturity yield 4%. The underwriters fee for the bond issue is $50,000.
What is the carrying value of the bond at issuance? Round to the nearest dollar.
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