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Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2015 Maturity amount and date: $160,000
Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:
Date of bonds: January 1, 2015
Maturity amount and date: $160,000 due in 10 years (December 31, 2024)
Interest: 10 percent per year payable each December 31
Date issued: January 1, 2015
Required: 1. For each of the three independent cases that follow, provide the following amounts to be reported on the January 1, 2015, financial statements immediately after the bonds are issued.
jan. 1 2015 financial statement | CASE A issued @ 100 | CASE B issued @ 95 | CASE C issued @ 103 |
a. bonds payable | |||
b. unamortized premium/discount | |||
c. carrying value |
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