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M10-10 Computing and Reporting a Bond Liability Issued at a Premium [LO 10-3] E-Tech Initiatives Limited plans to issue $560,000, 10-year, 7.00 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2016. Show how the bonds would be reported on the January 2,2016, balance sheet if they are issued at 104. E-TECH INITIATIVES LIMITED Balance Sheet (partial) As of December 31, 2016 Current Liabilities Bonds Payable Premium on Bonds Payable 560,000 (22,400) Carrying Value S 537,600