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13 points On January 1, Year 1, Booker Corporation issued a $5,000 face value bond...

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Accounting

13 points On January 1, Year 1, Booker Corporation issued a $5,000 face value bond that sold for 90. The bond had a five-year term and paid 10% annual interest. The company used the proceeds from the bond issue to buy land. The land was leased for $600 of cash revenue per year and was sold at the end of the 5 th year for $4,200 cash. The straight-line method of amortization is used. The carrying value of the bond liability on January 1, Year 1, would be $4,500. $4,600 $5,000. $4,000.

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