Bronco High School issues $10 million in bonds on January 1, 2021 that pay interest semi-annually on June 30 and December 31. A portion of the bond amortization schedule appears below:DateCash PaidInterest ExpenseIncrease in Carrying ValueCarrying Value01/01/2021 $8,800,000 06/30/2021$400,000 $440,000 $40,000 8,840,000 12/31/2021 400,000 442,000 42,000 8,882,000 What is the face amount of the bonds?
A. $8,882,000.
B. $8,840,000.
C. $10,000,000.
D. $8,800,000.
Answer: C
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