Problemon march 1 2016 baddour inc issued 12 bonds dated, Ask an Expert

Accounting

Problem

On March 1, 2016, Baddour, Inc., issued 12% bonds, dated January 1, with a face amount of $177 million. The bonds were priced at $155.4 million (plus accrued interest) to yield 14%. Interest is paid semiannually on June 30 and December 31. Baddour's fiscal year ends September 30.

Required:

What would be the amount(s) related to the bonds Baddour would report in its balance sheet (interest payable, bonds payable (net) ), income statement (interest expense) and statement of cash flows (financing and operating activities) for the year ended September 30, 2016?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92750039

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