(Answered) Question - on october 1 2012 renfro co purchased to hold to

Accounting

Question - On October 1, 2012, Renfro Co. purchased to hold to maturity, 2,000. $1,000, 9% bonds for $1,980,000 which includes $30,000 accrued interest (purchase price was 1,950,000). The bonds, which mature on February 1, 2021, pay interest semiannually on Feb.1st and Aug.1st. Renfro uses the straight-line amortization method. the bonds should be reported in the Dec 31, 2012 balance sheet with a carrying value of: Answer: $1,951,500

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