On January 1, 2020, Oliver Company issued $6 million of 5 ye…
On January 1, 2020, Oliver Company issued $6 million of 5 year bonds at a 7% stated interest rate to be paid semi-annually. Oliver Company issued the bonds for $5,756,649 since the market rate of interest was 8%. What is the carrying value (amortized cost) of the bond on July 1, 2020 (round to the nearest dollar).