Question
I am struggling with the Premium on Bonds Payable and the Discount on Bonds Payable for the balance sheets. I used the amounts from the
I am struggling with the Premium on Bonds Payable and the Discount on Bonds Payable for the balance sheets. I used the amounts from the journal entries and it was incorrect.
Pharoah Company sold $3,260,000,9%,10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at102at December 31, 2022.
Dec. 31, 2022
Long-term Liabilities
Bonds Payable- 3260000
add, Premium on Bonds Payable - ?
Dec. 31, 2022
Long-term liabilities
Bonds Payable- 3260000
less, Discount on Bonds Payable- ?
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