A company issues 10000000 78 20-year bonds to yield 8 on


A company issues $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2014. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2014 balance sheet?

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Financial Accounting: A company issues 10000000 78 20-year bonds to yield 8 on
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