Thomas Marley Fitness Gym has $ 700 comma 000 of 20-year bonds payable outstanding. These bonds had a discount of $ 77 comma 000 at issuance, which was 10 years ago. The company uses the straight-line amortization method. The current carrying amount of these bonds payable is

$661,500

Explanation:

Given that

Bonds payable $700,000

Discount of issuance = $77,000

The computation of current carrying amount is shown below:-

Current carrying amount = Bonds payable - discount on bonds payable

Discount on bonds payable = Discount at issuance  (Issuance ÷ Years bonds payable)

= $77,000 × (10 ÷ 20)

= $38,500

Now we put it into formula

= $700,000 - $38,500

= $661,500

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