2. On October 1, 2011, Sammy Company issued 8,000,000 of its 10-year 8% term bonds dated October 1, 2011. The bonds were sold to yield 10%. Interest is paid every April 1 and October How much was the total proceeds from the issuance of the bonds? b. What is the balance of the bonds payable on October 1, 2020? What is the balance of the discount/premium on bond payable on December 31, 2020? Indicate а. С.
2. On October 1, 2011, Sammy Company issued 8,000,000 of its 10-year 8% term bonds dated October 1, 2011. The bonds were sold to yield 10%. Interest is paid every April 1 and October How much was the total proceeds from the issuance of the bonds? b. What is the balance of the bonds payable on October 1, 2020? What is the balance of the discount/premium on bond payable on December 31, 2020? Indicate а. С.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 7MCQ
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