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Gingrich Corporation issued $2,000,000 in bonds on January 1, 2017. The bonds have a coupon...

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Accounting

Gingrich Corporation issued $2,000,000 in bonds on January 1, 2017. The bonds have a coupon rate of 1.5% and pay interest semi-annually on July 1st and January 1st. The bonds have a 10 year term. The market rate at the issue date is 3.9%. What is the carrying value of the bond on July 1, 2017?

$1,605,665.44
None of the above
$2,000,000
$1,621,975.92

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