Question
Oriole Company received proceeds of $596000 on 10-year, 9% bonds issued on January 1, 2016. The bonds had a face value of $632000, pay interest
Oriole Company received proceeds of $596000 on 10-year, 9% bonds issued on January 1, 2016. The bonds had a face value of $632000, pay interest annually on December 31st, and have a call price of 103. Oriole uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2018?
A-
| $599600 |
B-
|
| $603200 |
C-
|
| $624800 |
D-
|
| $632000 |
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
3rd Edition
0131494910, 9780131494916
