Question: Excelsior Corp. sold $1,500,000 of five-year, 12% bonds on August 1, 2010. The effective interest rate is 10% and the interest payment dates are July

Excelsior Corp. sold $1,500,000 of five-year, 12% bonds on August 1, 2010. The effective interest rate is 10% and the interest payment dates are July 31^st and January 31^st of each year. Excelsior has a December 31^st year end and the company uses the effective interest rate method to amortize the bond discount/premium. On July 31, 2015, the maturity date, the value of Cash in the journal entry of Excelsior Corp. would be:

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