34. Help me selecting the right answer. Thank you On December 31, 2024, Country Living Sales has 10-year Bonds Payable of $90,000 and Discount on Bonds Payable of $18,350. How will this be shown on theDecember 31, 2024 Balance Sheet?Bonds Payable $90,000Bonds Payable $90,000 plus Discount on Bonds Payable $18,350 for a carrying amount of $108,350Bonds Payable $90,000 less one-tenth of $18,350 for a carrying amount of $88,165Bonds Payable $90,000 less Discount on Bonds Payable $18,350 for a carrying amount of $71,650

The correct answer is: (D) Bonds Payable $90,000 less Discount on Bonds Payable $18,350 for a…

Answered: On December 31, 2024, Country Living…

On December 31, 2024, Country Living Sales has 10-year Bonds Payable of $90,000 and Discount on Bonds Payable of $18,350. How will this be shown on the December 31, 2024 Balance Sheet?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 15MC: Naval Inc. issued $200,000 face value bonds at a discount and received $190,000. At the end of 2018,...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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34. Help me selecting the right answer. Thank you

On December 31, 2024, Country Living Sales has 10-year Bonds Payable of $90,000 and Discount on Bonds Payable of $18,350. How will this be shown on the
December 31, 2024 Balance Sheet?
Bonds Payable $90,000
Bonds Payable $90,000 plus Discount on Bonds Payable $18,350 for a carrying amount of $108,350
Bonds Payable $90,000 less one-tenth of $18,350 for a carrying amount of $88,165
Bonds Payable $90,000 less Discount on Bonds Payable $18,350 for a carrying amount of $71,650

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