On july 1 year 1 cobb company issued 9 bonds in the face, Ask an Expert

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On July 1, year 1, Cobb Company issued 9% bonds in the face amount of $1,000,000 that mature in 10 years. The bonds were issued for $939,000 to yield 10%, resulting in a bond discount of $61,000. Cobb uses the effective interest method of amortizing bond discount. Interest is payable annually on June 30. At June30, year3, Cobb's unamortized bond discount should be:

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Accounting Basics, Accounting

Category:- Accounting Basics
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