Silver Lake Corporation issues $800,000 of its 12%, 8-year bonds at 97 on March 1, 2023. The bonds pay interest on March 1 and September 1. Silver Lake uses the straight-line method for amortization. What net amount will be reported for the bonds on the September 1, 2023 balance sheet?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
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financial accounting question

Silver Lake Corporation issues $800,000 of its 12%,
8-year bonds at 97 on March 1, 2023. The bonds pay
interest on March 1 and September 1. Silver Lake
uses the straight-line method for amortization. What
net amount will be reported for the bonds on the
September 1, 2023 balance sheet?
Transcribed Image Text:Silver Lake Corporation issues $800,000 of its 12%, 8-year bonds at 97 on March 1, 2023. The bonds pay interest on March 1 and September 1. Silver Lake uses the straight-line method for amortization. What net amount will be reported for the bonds on the September 1, 2023 balance sheet?
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