PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3] Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021 Maturity amount and date: $350,000 due in 10 years (December 31, 2030) Interest: 12.0 percent per year payable each December 31 Date issued: January 1, 2021 Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.) January 1, 2021-Financial Statements: a. Bonds payable b. Unamortized premium (discount) c. Carrying value Case A (At 100) Case B (at 08) Case C (at 102)
PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3] Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021 Maturity amount and date: $350,000 due in 10 years (December 31, 2030) Interest: 12.0 percent per year payable each December 31 Date issued: January 1, 2021 Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.) January 1, 2021-Financial Statements: a. Bonds payable b. Unamortized premium (discount) c. Carrying value Case A (At 100) Case B (at 08) Case C (at 102)
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
Problem 7MCQ
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