Kim’s Academy had $12,000,000 of X bonds payable due in 2019. Prior to 12/31/2018, Kim’s refinanced $3,000,000 of the X bonds with other bonds that mature in 2029. On January 15, 2019, Kim’s refinanced another $2,000,000 of the X bonds with others that mature in 2026. Kim’s issued its financial statements on February 1, 2019. On February 15, 2019, Kim’s refinanced another $4,000,000 of the X bonds with others that mature in 2027. In its 2018 financial statements, Kim’s should show noncurrent bonds payable of:

a.$2,000,000

b.$3,000,000

c.$5,000,000

d.$9,000,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is c 5000000 ... View the full answer