Question: Cronos issues $3,000,000, 7.6%, 10-year bonds to yield 8% on January 1, 2016. Interest is paid on June 30 and Cronos issues $3,000,000, 7.6%, 10-year

Cronos issues $3,000,000, 7.6%, 10-year bonds to yield 8% on January 1, 2016. Interest is paid on June 30 and Cronos issues $3,000,000, 7.6%, 10-year bonds to yield 8% on January 1, 2016. Interest is paid on June 30 and December 31. The proceeds from the bonds are $2,918,468. Using effective-interest method of amortization,

what will the carrying value of bonds be on the December 31, 2017 balance sheet?

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