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31. On January 1, 2020, Jack Co. issued three $100,000, 6%, bond payables that mature in 5 years. Straight line depreciation is used. Required: Consider
31. On January 1, 2020, Jack Co. issued three $100,000, 6%, bond payables that mature in 5 years. Straight line depreciation is used. Required: Consider the facts above and answer each of the three independent situations described below. Answer the following questions. Show your work. 15 points Bond #1 is issued at 103 with annual payments at December 31 2020 $ 1. Cash received upon sale: 2. The bonds were sold Discount, Premium, or Face upon sale: $ 3. Cash interest paid at December 31 $ $ 4. Bond interest expense in the Income Statement at December 31 5. Carrying Value of the Bonds on the Balance Sheet at December 31 $ Bond # 2 is issued at 98 with annual payment at December 31 2020 1. Cash received upon sale: $ 2. The bonds were sold Discount, Premium, or Face upon sale: $ 3. Cash interest paid at December 31 $ $ 2S 4. Bond interest expense in the Income Statement at December 31 5. Carrying Value of the Bonds on the Balance Sheet at December 31 $ 18
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