Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations). Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $ Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $ Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and
prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations).
Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $
Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $
Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $
Transcribed Image Text:Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line method of amortization and prepares annual financial statements on December 31st. (Keep two decimal places in all your intermediate calculations). Required 1: What is the carrying value of the bonds on 2020 Financial Statements? $ Required 2: What is the carrying value of the bonds on 2021 Financial Statements? $ Required 3: What is the carrying value of the bonds on 2024 Financial Statements? $
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