Marshalls Corporation completed a $650,000, 7 percent bond issue on January 1, 2018. The bonds pay interest each December 31 and mature 10 years from January 1, 2018.
Required:
For each of the three independent cases that follow, provide the following amounts to be reported on the January 1, 2018, financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.)
Please show calculations.
Homework Answers
Answer:
| Case A | Case B | Case C | |
| Issued @100 | Issued @96 | Issued @104 | |
| Bonds payable | 6,50,000 | 6,50,000 | 6,50,000 |
| Unamortized premium (or discount) | 0 | -26000 | 26000 |
| (650000*4%) | (650000*4%) | ||
| Carrying value | 6,50,000 | 6,24,000 | 6,76,000 |
| (650000*96/100) | (650000*104/100) | ||
| At Par | At discount | At premium |
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