Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the Q18 and Q17 both, Thanks very much! Your help can give me power! Q18: On January 1, 2020, Company Y issued a

Please answer the Q18 and Q17 both, Thanks very much! Your help can give me power!

Q18:

On January 1, 2020, Company Y issued a bond at 103 with a par value of $2,000,000, due in 30 years. On January 1, 2030, the company calls the entire issue at 104. What is the loss or gain on redemption? Assume the premium is amortized using straight-line.

Group of answer choices

$60,000 loss

$60,000 gain

$40,000 loss

$40,000 gain

Q17:

Which of the following is true about the presentation of liabilities and their disclosures?

Group of answer choices

a . All of the above is true

b. If an estimate of a loss contingency cannot be made, the company must issue a statement explaining that it is difficult to come to an estimate

c. Companies can use their own discretion to decide how to list the current liabilities accounts on the balance sheet (e.g. maturity, descending amount, liquidation preference)

d. Current liabilities are reported at their full maturity value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0135982235, 9780135982235

More Books

Students also viewed these Accounting questions

Question

2. I try to be as logical as possible

Answered: 1 week ago