Kim Co. reported bonds payable of $35,000 at December 31, 2010, and $32,000 at December 31, 2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Kim report in its 2011 statement of cash flows for redemption of bonds payable?
Kim Co. reported bonds payable of $35,000 at December 31, 2010, and $32,000 at December 31, 2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Kim report in its 2011 statement of cash flows for redemption of bonds payable?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kim Co. reported bonds payable of $35,000 at December 31, 2010, and $32,000 at December 31, 2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Kim report in its 2011 statement of
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