Give answer within 45 min I will give you immediately upvote.....it's very urgent... Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Roundanswers to 0 decimal places, e.g. 38,548.)Ivanhoe CompanyBalance SheetDecember 31, 2021 Current Attempt in ProgressOn June 30, 2020, Ivanhoe Company issued S4,420,000 face value of 15%, 20-year bonds at $5,417,560, a yleld of 12%. Ivanhoe usesthe effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December31.

The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.

On June 30, 2020, Ivanhoe Company issued $4,420,000 face value of 15%, 20-year bonds at $5,417,560, a yield of 12%. Ivanhoe uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.

On June 30, 2020, Ivanhoe Company issued $4,420,000 face value of 15%, 20-year bonds at $5,417,560, a yield of 12%. Ivanhoe uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 96PSA

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