Use the information below for Dakota Corp for 2016 and 2017 to answer the following question. Bonds payable, December 31, 2016 $500,000 Bonds payable, December 31, 2017 800,000 Loss on bond retirement—2017 15,000 Interest expense on bonds—2017 45,000 At the end of 2017, Dakota issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire the $500,000 bond
issue outstanding at the end of 2016 (before their maturity date). All interest expense was paid in cash during 2017. How much did Dakota pay to retire the $500,000 bond issue during 2017?
a. $485,000
b. $500,000
c. $515,000
d. $560,000
c
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Answer the following statement true (T) or false (F)
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