Homework Answers
Answer
- Bonds issued at 96 means they are issued at a Discount.
- Discounts are to be shown as NEGATIVE AMOUNT, as they are deducted from face value when calculating the carrying value.
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Balance Sheet - Partial |
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At Jan 2, 2019 |
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Long Term Liabilities: |
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Bonds Payable |
$400,000 |
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Discount on Bonds Payable [$400000 x 4/100] |
($16,000) |
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Carrying Value |
$384,000 |
|
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Interest is payable annually on January 1. The bonds are
callable on any annual interest date. Skysong uses straight-line
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2019, the bonds will be outstanding for an additional 10 years (120
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