Brock company issued 112000 face value of bonds on january, Ask an Expert

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Brock Company issued $112,000 face value of bonds on January 1, 2014. The bonds had a 8 percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning December 31, 2014. The bonds were issued at 99.

A) Determine the amount of interest expense reported on the 2014 income statement.

B) Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31, 2014.

C) Determine the amount of interest expense reported on the 2015 income statement.

D)Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31, 2015.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965587

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