Question
Pascal Corporation is preparing its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability.
Pascal Corporation is preparing its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability.
a. At December 31, bonds payable of $100,000,000 are outstanding for 10 years. The bonds pay 8% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2020.
b. At December 31, 2019, Pascal Corporation declared a cash dividend on its ordinary shares outstanding 30,000,000 payable @ $3 per share February 1, 2020 to the shareholders.
Requirements: [2]
For each item above, indicate the dollar amounts to be reported as a current liability and as a non-current liability, if any.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started