The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds: Bond sinking fund balance, Dec. 31, 2013 450,000 2014 additional investment 90,000 Dividends on investments 15,000 Interest revenue 30,000 Carrying amount of bonds payable 1,025,000 What amount should High Corp. report in its December 31, 2014 balance sheet related to its noncurrent investment for bond sinking fund requirements? 585,000 580,000 575,000 540,000
The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds: Bond sinking fund balance, Dec. 31, 2013 450,000 2014 additional investment 90,000 Dividends on investments 15,000 Interest revenue 30,000 Carrying amount of bonds payable 1,025,000 What amount should High Corp. report in its December 31, 2014 balance sheet related to its noncurrent investment for bond sinking fund requirements? 585,000 580,000 575,000 540,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
19.The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds:
Bond sinking fund balance, Dec. 31, 2013 450,000
2014 additional investment 90,000
Dividends on investments 15,000
Interest revenue 30,000
Carrying amount of bonds payable 1,025,000
What amount should High Corp. report in its December 31, 2014balance sheet related to its noncurrent investment for bond sinking fund requirements?
Bond sinking fund balance, Dec. 31, 2013 450,000
2014 additional investment 90,000
Dividends on investments 15,000
Interest revenue 30,000
Carrying amount of bonds payable 1,025,000
What amount should High Corp. report in its December 31, 2014
585,000
580,000
575,000
540,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education