In the course of your examination of the accounts of Toledo, Inc. you obtain the following information related to the company's Bonds Payable in connection with your initial audit as of December 31, 2020: 12%, 25 year Bonds Payable, 2016 Issue | 01.01.2016 CRJ P8,000,000 Bond Premium | 01.01.2016 CRJ P400,000 Treasury Bonds 10.01.20 CDJ P1,080,000 Bond Interest Expense 01.01.20 CDJ P480,000 07.01.20 CDJ 480,000 The treasury bonds were acquired at a price of 105 plus accrued interest. The treasury bonds are not to be reissued.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Requirement:
1. The unamortized adjusted balance of the bond premium account as of December 31, 2020.

In the course of your examination of the accounts of Toledo, Inc. you obtain the following information
related to the company's Bonds Payable in connection with your initial audit as of December 31, 2020:
12%, 25 year Bonds Payable, 2016 Issue
| 01.01.2016 CRJ
P8,000,000
Bond Premium
01.01.2016 CRI
P400,000
Treasury Bonds
10.01.20 CDJ
P1,080,000
Bond Interest Expense
01.01.20 CDJ
P480,000
07.01.20 CDJ
480,000
The treasury bonds were acquired at a price of 105 plus accrued interest. The treasury bonds are not to
be reissued.
Transcribed Image Text:In the course of your examination of the accounts of Toledo, Inc. you obtain the following information related to the company's Bonds Payable in connection with your initial audit as of December 31, 2020: 12%, 25 year Bonds Payable, 2016 Issue | 01.01.2016 CRJ P8,000,000 Bond Premium 01.01.2016 CRI P400,000 Treasury Bonds 10.01.20 CDJ P1,080,000 Bond Interest Expense 01.01.20 CDJ P480,000 07.01.20 CDJ 480,000 The treasury bonds were acquired at a price of 105 plus accrued interest. The treasury bonds are not to be reissued.
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