[Solved] OnJuly1,2016,CodyCompanypaid1,198,000of10

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OnJuly1,2016,CodyCompanypaid1,198,000of10%,20 -yearbondswithafaceamount of1,000,000.InterestispaidonJune30andDecember31. Thebondswerepurchasedtoyield8%.Theeffectiveinterestmethodisusedtorecognize interestincomefromthislong-terminvestment. WhatisthecarryingamountoftheinvestmentinbondsonDecember31,2016? a. 1,207,900 b. 1,198,000 c. 1,195,920

OnJuly1,2016,CodyCompanypaid1,198,000of10%,20

-yearbondswithafaceamount

of1,000,000.InterestispaidonJune30andDecember31.

Thebondswerepurchasedtoyield8%.Theeffectiveinterestmethodisusedtorecognize

interestincomefromthislong-terminvestment.

WhatisthecarryingamountoftheinvestmentinbondsonDecember31,2016?

a.

1,207,900

b.

1,198,000

c.

1,195,920

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