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1. On January 1, 2010 the company issued callable bonds with a face value of $160 million and a stated interest rate of 10%. The bonds were sold to yield 12%. The bonds mature on January 1, 2020. The bonds pay interest every June 30 and December 31. On September 1, 2013, a face value of $64 million in bonds were called in early for retirement at 103 plus accrued interest. The remaining bonds are expected to remain outstanding until they mature. The company uses the effective interest method to account for this debt.

How would this problem be presented in the liability section of December 31, 2013?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91052132

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