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Anvisha [2.4K]
3 years ago
14

Garland Company received proceeds of $235000 on 10-year, 6% bonds issued on January 1, 2018. The bonds had a face value of $2500

00, pay interest annually on January 1, and have a call price of 101. Garland uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2020? $236500 $246700 $250000 $238000
Business
1 answer:
Lerok [7]3 years ago
5 0

Answer:

$238000

Explanation:

The computation of the carrying value of the bond is shown below:

Given that

Face Value of Bonds = $250,000

Proceeds from issuance of bonds = $235,000

Before that we need to compute the following things

Now

Discount on Bonds Payable = Face Value of Bonds - Proceeds from issuance of bonds

= $250,000 - $235,000

= $15,000

Life of Bonds = 10 years

Now

Discount on Bonds amortized annually = Discount on Bonds Payable ÷ Life of Bonds

= $15,000 ÷ 10

= $1,500

Now

Discount amortized is

= Discount on Bonds amortized annually × expired life

= $1,500 × 2

= $3,000

Finally

Carrying Value of Bonds = Issue Price + Discount amortized

= $235,000 + $3.000

= $238,000

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allochka39001 [22]

Answer:

The correct answer is option B.

Explanation:

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Explanation: Hope this helps you out. <3

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Answer:

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