During 20x9, Oceanic Co. Issued 3,000 of its 9%, ₱1,000 face value bonds at 1011/2. In connection with the sale of these bonds, Oceanic paid the following expenses: Promotion costs ₱20,000 Engraving and printing 25,000 Underwriter’s commissions 200,000 What amount should Oceanic record as bond issue costs to be amortized over the term of the bonds
During 20x9, Oceanic Co. Issued 3,000 of its 9%, ₱1,000 face value bonds at 1011/2. In connection with the sale of these bonds, Oceanic paid the following expenses: Promotion costs ₱20,000 Engraving and printing 25,000 Underwriter’s commissions 200,000 What amount should Oceanic record as bond issue costs to be amortized over the term of the bonds
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- During 20x9, Oceanic Co. Issued 3,000 of its 9%, ₱1,000 face value bonds at 1011/2. In connection with the sale of these bonds, Oceanic paid the following expenses:
|
Promotion costs |
₱20,000 |
|
Engraving and printing |
25,000 |
|
Underwriter’s commissions |
200,000 |
What amount should Oceanic record as bond issue costs to be amortized over the term of the bonds?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education