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Compute the adjusted balance in the Bonds Payable

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Question - On January 1, 2020, Neeson Ltd. issued $ 2,000,000, 5% bonds, which mature on January 1, 2027. The bonds were issued for $ 2,120,045 to yield 4%. Neeson uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2020, compute the adjusted balance in the Bonds Payable account?

a. $2,120,045.

b. $2,135,243.

c. $2,104,847.

d. $2,000,000.

Reference no: EM132545936

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