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Foley Co. is preparing the electronic spreadsheet below to amortize the discount on its 10-year, 6%, $100,000 bonds payable. Bonds were issued on December 31 to yield 8%. Interest is paid annually. Foley uses the effective interest method to amortize bond discounts.
Which formula should Foley use in cell E3 to calculate the bonds’ carrying amount at the end of year 2? A. E2 + C3. B. E2 – C3. C. E2 – D3. D. E2 + D3. |