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The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds:          Bond sinking fund balance, Dec. 31, 2013        450,000          2014 additional investment                                90,000          Dividends on investments                                  15,000          Interest revenue                                                 30,000          Carrying amount of bonds payable               1,025,000 What amount should High Corp. report in its December 31, 2014 balance sheet related to its noncurrent investment for bond sinking fund requirements?     585,000 580,000 575,000 540,000

The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds:          Bond sinking fund balance, Dec. 31, 2013        450,000          2014 additional investment                                90,000          Dividends on investments                                  15,000          Interest revenue                                                 30,000          Carrying amount of bonds payable               1,025,000 What amount should High Corp. report in its December 31, 2014 balance sheet related to its noncurrent investment for bond sinking fund requirements?     585,000 580,000 575,000 540,000

FINANCIAL ACCOUNTING
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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19.The following information relates to noncurrent investments that High Corp. placed in trust as required by the underwriter of its bonds:
         Bond sinking fund balance, Dec. 31, 2013        450,000
         2014 additional investment                                90,000
         Dividends on investments                                  15,000
         Interest revenue                                                 30,000
         Carrying amount of bonds payable               1,025,000

What amount should High Corp. report in its December 31, 2014 balance sheet related to its noncurrent investment for bond sinking fund requirements?
 
 
585,000
580,000
575,000
540,000
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