Tomkin Library System issues $5 million in bonds on January 1, 2021 that pay interest semi-annually on June 30 and December 31. A portion of the bond amortization schedule appears below: Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 $ 5,500,000 06/30/2021 $ 250,000 $ 220,000 $ 30,000 5,470,000 12/31/2021 250,000 218,800 31,200 5,438,800 What is the issue price of the bonds

$5,500,000

Explanation:

The computation of the price of bonds is shown below:-

Tomkin Library System issues on January 2021 = $5 million in bonds

The Carrying value of the bond on 01/01/2021 = $5,500,000

Therefore the issue price of the bonds = $5,500,000

Here, Issue of price of the bonds is equals to Carrying value of the bond so we consider the carrying value of the bonds which is $5,500,000

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