Brief Exercise $9-44$

Reporting Long$-$Term Debt on the Balance Sheet

Scott Corp. provides contracted home staging services to real estate agencies and their clients. Scott issued the following bonds in the current year:

Required:

a$.$ Prepare the balance sheet for $1,500$ bonds with $$1,000$ face value which the market has valued at $$45,000$ below its face value.

Scott Corp.

Balance Sheet $($Partial$)$

Long$-$term liabilities:

$

Bonds payable, net $

b$.$ Prepare the balance sheet for $2,700$ bonds with $$1,000$ face value which the market has valued at $$85,000$ above its face value

Scott Corp.

Balance Sheet $($Partial$)$

$

Bonds payable, net

$