Date of bonds: January 1, 2018 Maturity amount and date: $290,000 due in 10 years (December 31, 2027) Interest: 9.0 percent per year payable each December 31 Date issued: 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.)
January 1, 2018—Financial Statements: Case A (issued at 100) Case B (at 98) Case C (at 102) a. Bonds payable b. Unamortized premium (discount) c. Carrying value
Solution :
January 1, 2018, financial statements | |||
Particulars | Case A | Case B | Case C |
Bond Payable | $290,000.00 | $290,000.00 | $290,000.00 |
Unamortized Premium (Discount) | $0.00 | -$5,800.00 | $5,800.00 |
Carrying value | $290,000.00 | $284,200.00 | $295,800.00 |
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