Pynchon issued 400000 face value 8 bonds for 437000, Ask an Expert

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Pynchon issued $400,000 face value, 8% bonds, for $437,000, including accrued interest. In addition, bond issue costs amounted to $2,900, which are not included in the $437,000. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from this past December 1, 2011, which is the initial date of the bonds. Straight-line amortization is used for any bond premium or bond discount, and amortizing bond issue costs. The bonds are callable at 102.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9419052

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