Question
On January 1 of Year 1, Congo Express Airways issued $3,750,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The
On January 1 of Year 1, Congo Express Airways issued $3,750,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,440,000 and the market rate of interest for similar bonds is 9%. The bond premium or discount is being amortized at a rate of $10,333 every six months. The company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue (including interest) in the amount of:
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
14th Edition
133081605, 132575957, 9780133081602, 978-0132575959
