Question
On June 30, 2020, Ivanhoe Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a yield of 12%. Ivanhoe uses the effective-interest method
On June 30, 2020, Ivanhoe Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a yield of 12%. Ivanhoe 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, 2021, balance sheet. (Round answers to 0 decimal places, e.g. 38,548.)
Ivanhoe Company Balance Sheet December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021 | |||
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | |||
$ | |||
CashBad Debt ExpensePremium on Bonds PayableInterest PayableLoss on Redemption of BondsDiscount on Notes PayableInterest ExpenseBook Value of Bonds PayableNotes ReceivableNotes Payable | $ |
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