34. Help me selecting the right answer. Thank you On December 31, 2024, Country Living Sales has 10-year Bonds Payable of $90,000 and Discount on Bonds Payable of $18,350. How will this be shown on theDecember 31, 2024 Balance Sheet?Bonds Payable $90,000Bonds Payable $90,000 plus Discount on Bonds Payable $18,350 for a carrying amount of $108,350Bonds Payable $90,000 less one-tenth of $18,350 for a carrying amount of $88,165Bonds Payable $90,000 less Discount on Bonds Payable $18,350 for a carrying amount of $71,650

The correct answer is: (D) Bonds Payable $90,000 less Discount on Bonds Payable $18,350 for a carrying amount of $71,650. On the December 31, 2024 balance sheet, this would be shown as: Bonds Payable $71,650The presentation of the bonds payable and discount on bonds payable on the December 31, 2024 Balance Sheet will show the total amount of bonds payable, less the discount on bonds payable, which is the amount that was given up in order to issue the bonds at a discounted rate. The balance sheet will show the carrying amount of the bonds payable, which is the total amount of the bonds payable minus the discount on bonds payable. This amount represents the actual value of the bonds payable.

Answered: On December 31, 2024, Country Living…

Business

Accounting

On December 31, 2024, Country Living Sales has 10-year Bonds Payable of $90,000 and Discount on Bonds Payable of $18,350. How will this be shown on the December 31, 2024 Balance Sheet?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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