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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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