Hillsborough Glassware Company issues $1,042,000 of its 14%, 10-year bonds at 97 on February 28, 2017
The bonds pay interest on February 28 and August 31. Assume that Hillsborough uses the straight-line method for amortization. What net amount will be reported for the bonds on the August 31, 2017 balance sheet?
A) $1,012,303
B) $1,042,000
C) $1,009,177
D) $1,010,740
A .
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