Ming used the straight-line method of amortization and, Ask an Expert

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On October 1, 2006, Ming Co. purchased 600 of the $1,000 face value, 8% bonds of Loy, Inc., for $702,000, including accrued interest of $12,000. The bonds, which mature on January 1, 2013, pay interest semiannually on January 1 and July 1. Ming used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Ming's December 31, 2007 balance sheet, what is the carrying value of the bonds ?

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