Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations). Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $ Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $ Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
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Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and
prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations).
Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $
Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $
Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $
Transcribed Image Text:Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations). Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $ Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $ Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $
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