On October 1, 2020, Barrick Corp

question 111

Multiple Choice

On October 1, 2020, Barrick Corp. purchased 800, $ 1,000, 9% bonds for $ 792,000, which included $ 12,000 accrued interest. The bonds, which mature on February 1, 2029, pay interest semi-annually on February 1 and August 1. The bonds will be held to maturity. Barrick uses the straight-line method of amortization. The bonds, which are accounted for under the amortized cost model, should be reported in the December 31, 2020 balance sheet at a carrying value of

• A) $ 792,240.
• B) $ 780,000.
• C) $ 780,600.
• D) $ 792,000.

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Definitions:

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