Intermediate Accounting 1537818

A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2009. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2011?

Prof. Angela

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