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TB MC Qu. 10-85 On January 1, Year 1, Sheffield Co. issued... On January 1, Year 1, Sheffield Co. issued bonds with a face value
TB MC Qu. 10-85 On January 1, Year 1, Sheffield Co. issued... On January 1, Year 1, Sheffield Co. issued bonds with a face value of $440,000, a term of ten years, and a stated interest rate of 5%. The bonds were Issued at 104, and interest is payable each December 31. Sheffield uses the straight line method to amortize bond discounts and premiums. What is the carrying value of the bonds at December 31, Year 4? Multiple Choice $450,560 5448,800 $447040 $440,000
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