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Question 6 (3.75 points) On July 1, 2020, Bass Inc. issued $500,000, 9% bonds which mature on July 1, 2027. The bonds were issued for
Question 6 (3.75 points) On July 1, 2020, Bass Inc. issued $500,000, 9% bonds which mature on July 1, 2027. The bonds were issued for $469,500 because the market rate was 10% at the time of issue. Bass uses the effective-interest method to amortize its bonds. Interest is paid annually on June 30. On June 30, 2022, the balance in the Bonds Payable account should be: $473,595 $493,900 $500,000 $471,450
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