Marshalls Corporation completed a $530,000, 7 percent bond issue on January 1, 2

Question

Marshalls Corporation completed a $530,000, 7 percent bond issue on January 1, 2015. The bonds pay interest each December 31 and mature 10 years from January 1, 2015. Required: 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 were issued: January 1, 2015-Financial statements Case A (Issuedat 100) Case B (at 98) Case C (at 102) a. Bonds Payable b. Unamortized Premium (or discount) Carrying Value

Explanation / Answer

Case A Case B Case C Bonds payable 530000 530000 530000 Unamortized premium (or discount) 0 -10600 10600 Carrying value 530000 519400 540600

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