E-Tech Initiatives Limited plans to issue $550,000, 10-year, 3 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2022. Show how the bonds would be reported on the January 2, 2022, balance sheet if they are issued at 96. (Deductions should be indicated by a minus sign.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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E-Tech Initiatives Limited plans to issue $550,000, 10-year, 3
percent bonds. Interest is payable annually on December 31. All
of the bonds will be issued on January 1, 2022. Show how the
bonds would be reported on the January 2, 2022, balance
sheet if they are issued at 96. (Deductions should be indicated
by a minus sign.)
E-TECH INITIATIVES LIMITED
Balance Sheet (partial)
As of January 2, 2022
Carrying Value
Transcribed Image Text:E-Tech Initiatives Limited plans to issue $550,000, 10-year, 3 percent bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2022. Show how the bonds would be reported on the January 2, 2022, balance sheet if they are issued at 96. (Deductions should be indicated by a minus sign.) E-TECH INITIATIVES LIMITED Balance Sheet (partial) As of January 2, 2022 Carrying Value
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