Business, 12.06.2021 02:00, HOPING4632
On January 1, Year 1, Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 offering a 4% discount. They had a 20 year term, a stated rate of interest of 7%, and an effective rate of interest of 7.389%. Assuming Residence uses the effective interest rate method, the carrying value of the bond liability on January 1, Year 1 is (round any necessary computations to the nearest whole dollar)
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On January 1, Year 1, Residence Company issued bonds with a $50,000 face value. The bonds were issue...
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