The learning objectives of chapter 10 "LIABILITIES" are the following: to explain how to account for current liabilities, to describe the major characteristics of bonds, to explain how to account for bond transactions, to explain how to account for long-term notes payable, and to discuss how long-term liabilities are reported and analyzed. To participate in this discussion, choose one question from the list of questions listed below: 1. Bonds are frequently issued at amounts greater or less than face value. Describe how the market interest rate, relative to the contractual interest rate, affects the selling price of bonds. 2. When a bond sells at a discount, what is probably true about the market interest rate versus the stated interest rate? Discuss. 3. Bonds may be redeemed (retired) before maturity by the issuing corporation. Explain why a company would decide to retire bonds before maturity and the necessary steps to record the redemption