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On July 1, 2020, Midland Company issued for $598,964, 10%, 20-year bonds with a face value of $500,000. Interest is paid semiannually on December 31
On July 1, 2020, Midland Company issued for $598,964, 10%, 20-year bonds with a face value of $500,000. Interest is paid semiannually on December 31 and June 30. The bonds were issued to yield 8%. Midland uses the straight-line method to recognize interest expense. What is the carrying amount of the bonds in Midland's December 31, 2021, balance sheet? O A) $596,490 B) $598,964 OC) $591,542 OD) $594,016
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