Solved: The discount on bonds payable, Accounting Basics

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The discount on bonds payable

On June 1, 2004, Lynn, Inc. issued $800,000, 6% bonds for $783,520, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bond maturing on February 1, 2014. The bonds are callable ay 102. The discount on bonds payable amount on June 1, 2004 is
a) $32,480
b) $16,480
c) $16,000
d) none of the above

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Accounting Basics: The discount on bonds payable

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