Multiple Choice
On January 1, 2011, Lisbon Corp. issued 2,000 of its 9 percent, $1,000 bonds at 95. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2021. Lisbon paid bond issue costs of $80,000, which are appropriately recorded as a deferred charge. Lisbon uses the straight-line method of amortizing bond discount and bond issue costs. On Lisbon's December 31, 2011, balance sheet, how much would be shown as the carrying amount of the bonds payable?
A) $2,110,000
B) $2,090,000
C) $1,982,000
D) $1,910,000
Correct Answer:
Verified
Correct Answer:
Verified
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