Jarmin Company Received Proceeds of $377,000 on 10-Year, 8% Bonds

question 200

Multiple Choice

Jarmin Company received proceeds of $377,000 on 10-year, 8% bonds issued on January 1, 2014. The bonds had a face value of $400,000, pay interest annually on June 30 and December 31, and have a call price of 101. Jarmin uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2016?

• A) $400,000
• B) $381,600
• C) $395,400
• D) $379,300

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