On September 1, 2021, 8% bonds with face value of $8,000,000 were issued for $7,283,000....
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Accounting
On September 1, 2021, 8% bonds with face value of $8,000,000 were issued for $7,283,000. The bonds were priced to yield 12%. Interest is payable semiannually on March 1 and September 1. If the effective interest method is used, how much is the carrying value of the bonds payable after the adjusting entry made on December 31, 2021?
Multiple Choice
$7,574,320
$7,360,987
$7,205,013
$6,991,680
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