Question - On January 1, 2010, Jacob issues $660,000 of 12%, 14-year bonds at a price of 103.50. All interest is accounted for and paid through December 31, 2015, the day before the purchase. The straight-line method is used to amortize any bond discount. What is the carrying value of the bond on January 1, 2016?
$564,300
$578,136
$645,524
$673,200
$660,000