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Balance of discount on bonds payable

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Question;On December 31, 2013, a company issues;bonds with a par value of $600,000. The bonds mature in 10 years, and pay;6% annual interest, payable each June 30 and December 31. The bonds sold;at $592,000. The company uses thestraight-linemethod of amortizing bond discounts. The;company's year-end is December 31. What is the balance in the Discount on;Bonds Payable account on 12/31/2014?

 

Paper#37280 | Written in 18-Jul-2015

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