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On November 1, 2007, Little Company purchased 600 of the $1,000 face value, 9% bonds of Player, Incorporated, for $632,000, which includes accrued interest of $9,000. The bonds, which mature on January 1, 2012, pay interest semiannually on March 1 and September 1. Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would the net carrying value of the bonds be shown as on Little's December 31, 2007, balance sheet?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9431768

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