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 1. a. 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? c. What is the balance of the discount/premium on bond payable on December 31, 2020? Indicate whether discount/premium.

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 1. a. 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? c. What is the balance of the discount/premium on bond payable on December 31, 2020? Indicate whether discount/premium.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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