E-Tech Initiatives Limited plans to issue $560,000, 10-year, 6 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2019. Show how the bonds would be reported on January 2, 2019, balance sheet if they are issued at 95. (Deductions should be indicated by a minus sign.)
Homework Answers
E Tech Initiatives Limited
Balance sheet (partial)
As of January 2,2019
| Long term liabilities | |
| Bonds payable | 560000 |
| Less: Discount on bonds payable | -28000 |
| Carrying value | 532000 |
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E-Tech Initiatives Limited plans to issue $560,000, 10-year, 6
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I don't think this is right so
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(Deductions should be indicated by a minus
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