Yale Corporation issued $60,000, 8% (cash interest payable semiannually on June 30 and December 31) 10-year bonds dated and sold on January 1. Yale amortizes any bond discount or premium using the effective interest amortization method. If the bonds were sold to yield 9%, show how the bonds and any related bond discount or premium would be presented on the balance sheet as of June 30.
Note: Round your answer to the nearest whole dollar.
Note: Do not use negative signs with your answers.
Balance Sheet
June 30
Liabilities
Bonds Payable
60,000
Discount on Bonds Payable
2,016
Bonds Payable, Net
54,598
Check