PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3] Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021 Maturity amount and date: $350,000 due in 10 years (December 31, 2030) Interest: 12.0 percent per year payable each December 31 Date issued: January 1, 2021 Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.) January 1, 2021-Financial Statements: a. Bonds payable b. Unamortized premium (discount) c. Carrying value Case A (At 100) Case B (at 08) Case C (at 102)
PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3] Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021 Maturity amount and date: $350,000 due in 10 years (December 31, 2030) Interest: 12.0 percent per year payable each December 31 Date issued: January 1, 2021 Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.) January 1, 2021-Financial Statements: a. Bonds payable b. Unamortized premium (discount) c. Carrying value Case A (At 100) Case B (at 08) Case C (at 102)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3]
Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds:
Date of bonds: January 1, 2021
Maturity amount and date: $350,000 due in 10 years (December 31, 2030)
Interest: 12.0 percent per year payable each December 31
Date issued: January 1, 2021
Required:
For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements
immediately after the bonds were issued: (Deductions should be indicated by a minus sign.)
January 1, 2021-Financial Statements:
a. Bonds payable
b. Unamortized premium (discount)
c. Carrying value
Case A
(At 100)
Case B
(at 98)
Case C
(at 102)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F451d09d4-b434-4cb5-a7e7-42a4aaf26bd0%2F009d50ef-9207-49f0-851d-5d3ea4ff2c64%2Fusavqq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PA10-4 (Algo) Comparing Bonds Issued at Par, Discount, and Premium [LO 10-3]
Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds:
Date of bonds: January 1, 2021
Maturity amount and date: $350,000 due in 10 years (December 31, 2030)
Interest: 12.0 percent per year payable each December 31
Date issued: January 1, 2021
Required:
For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements
immediately after the bonds were issued: (Deductions should be indicated by a minus sign.)
January 1, 2021-Financial Statements:
a. Bonds payable
b. Unamortized premium (discount)
c. Carrying value
Case A
(At 100)
Case B
(at 98)
Case C
(at 102)
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