Question: West uses the interest method of amortizing bond discount and does not elect the fair value option for reporting financial liabilities. In its June 30,

West uses the interest method of amortizing bond discount and does not elect the fair value option for reporting financial liabilities. In its June 30, 2010 balance sheet, what amount should West report as bonds payable?

a. $469,500

b. $470,475

c. $471,025

d. $500,000

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