Answered: 1. Bonds payable with a par value of…

1. Bonds payable with a par value of $10,000 and a premium on bonds payable of $240. 2. Bonds payable with a par value of $30,000 and a discount on bonds payable of $500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In each separate situation, show how bonds payable is reported in the long-term liabilities section of the December 31 balance sheet.
(Amounts to be deducted should be entered with a minus sign.)
1. Bonds payable with a par value of $10,000 and a premium on bonds payable of $240.
2. Bonds payable with a par value of $30,000 and a discount on bonds payable of $500.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Bonds payable with a par value of $10,000 and a premium on bonds payable of $240.
Long-term liabilities
Liabilities Section of Balance Sheet
December 31

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