M HW10 (Chapter 100 Home X C ezto mheducation.com -0.2428598205454666 2-1447 184

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M HW10 (Chapter 100 Home X C ezto mheducation.com -0.2428598205454666 2-1447 184822603 E Apps Bb Blackboard IT Isu Email M Accounting 284 Hon Barchart.com com AG AgwebIAgweb.com wolfram Alpha 4 Keycoop.com- Econ CME Group Econ 235 BE My 4 Year Plan value: 2.00 points CP10-4 Comparing Bonds lssued at Par, Discount, and Premium CLO 10-3] Sikes Corporation, whose annual accounting period ends on December 3 issued the following bonds Date of bonds: January 1, 2015 Maturity amount and date: $260,000 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. TIP: See Exhibit 10.5 for an illustration distinguishing Bonds Payable from their carrying value. (Negative amounts should be indicated with a minus sign.) Case A Case B January 1, 2015-Financial statements ssued at 100 at 96 Case C at 102 260,000 a. Bonds payable b. Unamortized premium (or discount) (260,000) c. Carrying value References eBook & Resources Worksheet Difficulty: 2 Medium CP10-4 Comparing Bonds issued Learning Objective: 10-03 Analyze and record bond liability transactions. at Par, Discount, and Premium Chris Other Bookmarks

Explanation / Answer

UNAMORTISED PREMIUM

OR DISCOUNT

JANUARY 1 2015 CASE A @100 CASE B @96 CASE C @102 BOND PAYABLE 260000 260000 260000

UNAMORTISED PREMIUM

OR DISCOUNT

0 10400- DISCOUNT 5200- PREMIUM CARYING VALUE 260000 260000 254800

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