Question
On June 30, 2017, Flounder Company issued $3,800,000 face value of 13%, 20-year bonds at $4,085,872, a yield of 12%. Flounder uses the effective-interest method
On June 30, 2017, Flounder Company issued $3,800,000 face value of 13%, 20-year bonds at $4,085,872, a yield of 12%. Flounder uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.
Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2018, balance sheet.
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Financial Accounting And Equity Markets
Authors: Philip Brown
1st Edition
1138617083, 978-1138617087
