On january 1 2009 clinton corporation sold issued a 1000, Ask an Expert

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On January 1, 2009, Clinton Corporation sold (issued) a $1,000, ten-year, 10% bonds payable (interest payable each December 31).For the three assumptions below, complete the following schedule assuming the accounting year ends December 31, and straight-line amortization is used (see page 532 for a reference):

Transaction Sale @ 100% Sales @ 96% Sales @ 104%
Assumption #1 Assumption #2 Assumption #3

A. Cash received on issuance
B. Interest expense for year 2009
C. Net bond carrying value on the December 31, 2010 balance sheet

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9979721

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