On July 1, Year 1, Walsh Co. acquired a noncurrent investment in bonds. It paid $11,490,800 for 8%, 10-year bonds with a face amount of $10 million. Interest is paid semiannually on December 31 and June 30, and the effective interest rate is 6%. Assuming the effective-interest method is used to account for the investment, the carrying amount of the bonds at December 31, Year 1, is:
a. $10,000,000
b. $11,380,248
c. $11,435,524
d. $11,490,800
Answers: 1
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On July 1, Year 1, Walsh Co. acquired a noncurrent investment in bonds. It paid $11,490,800 for 8%,...
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