Pujols industries issued 10 bonds dated january 1 with a, Ask an Expert

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Pujols Industries issued 10% bonds, dated January 1, with a face amount of $48 million. The bonds were priced at $42 million (plus accrued interest) to yield 12%. Interest is paid semiannually on June 30 and December 31. Pujols' fiscal year ends October 31.

1. What would be the amount(s) related to the bonds Pujols would report in its balance sheet at October 31, 2013?
2. What would be the amount(s) related to the bonds that Pujols would report in its income statement for the year ended October 31, 2013?
3. What would be the amount(s) related to the bonds that Pujols would report in its statement of cash flows for the year ended October 31, 2013?

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Category:- Accounting Basics
Reference No.:- M9965711

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