i Chrome File Edit View History Bookmarks People Window Help O. 201 7FS ACCTCY 2

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i Chrome File Edit View History Bookmarks People Window Help O. 201 7FS ACCTCY 2036 PrestXy Chapter 10 Ho new rk ×( Exhibit 10.5.jpg (882x184) ezto.mheducation.com/hm.tpx 75% ! Sun 4:18 PM QE xeChegg Study I Guided Solutio X MacBook Air won't let me takrx Accounting 1: ACCTCY 2036 Fall 2017 Peter Heles ACCOUNTING Chapter 10 Homework Instructions I help Save & Exit!! Submit! Question 2 (of 2) value 5.00 points Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2015 Maturity amount and date: $160,000 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 C (at 103) Case B January 1, 2015Financial statements: (issue at 100(at 95) Case A $160,00060,000S 160,000 a. Bonds payable b. Unamortized premium (or discount) c. Carrying value 3

Explanation / Answer

Case A Case B Case C a. Bonds payable 160,000 160,000 160,000 b. unamortized premium 0 -8000 4800 c. carrying value 160,000 152000 164800 Carrying value = bonds payable *issue price caase B   160000*.95 case c       160000*1.03

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