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Tomkin Library System issues $5 million in bonds on January 1, 2024 that pay interest semiannually on June 30 and December 31. A portion of

Tomkin Library System issues $5 million in bonds on January 1, 2024 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below: Interest Decrease in Date Cash Paid Expense Carrying Value Carrying Value 01/01/2024 $5, 500, 000 06/30/2024 $250, 000 $220, 000 $30, 000 5,470, 000 12/31/2024 250, 000 218 , 800 31, 200 5, 438 , 800 The bonds were issued at

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