Question
Exhibit 14-8 Piazzi, Inc. sold $400,000 of its 9%, fiveyear bonds dated January 1, 2013, on May 1, 2013, for $393,000 plus accrued interest. Interest
Exhibit 14-8 Piazzi, Inc. sold $400,000 of its 9%, fiveyear bonds dated January 1, 2013, on May 1, 2013, for $393,000 plus accrued interest. Interest is paid on January 1 and July 1 and straight-line amortization is used.
2. Refer to Exhibit 14-8. The net liability for the bonds after recording the sale would be:
a. $408,000.
b. $407,700.
c. $400,000.
d. $393,00
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Standard For Auditing Computer Applications
Authors: Martin A. Krist
2nd Edition
0849399831, 978-0849399831
