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Reporting Bonds on the Balance Sheet Yale Corporation issued to Zap Corporation $60,000, 8% (cash interest payable semiannually on June 30 and December 31) 10-year

Reporting Bonds on the Balance Sheet

Yale Corporation issued to Zap Corporation $60,000, 8% (cash interest payable semiannually on June 30 and December 31) 10-year bonds dated and sold on January 1, 2020. Assume that the company uses the effective interest amortization method. If the bonds were sold to yield 9%, show how the bonds and related accounts would be presented on the balance sheet as of June 30, 2020.

  • Note: Round your answers to the nearest whole dollar.
  • Note: Do not use negative signs with your answers.
  • Note: List accounts in alphabetical order.
Balance Sheet June 30, 2020
Liabilities
Blank to fill Blank to fill
Blank to fill Blank to fill
Bonds payable, net Blank to fill

Please answer all parts of the question.

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