(Answered) Question - flounder corporation sold 3490000 7 5-year bonds

Accounting

Question - Flounder Corporation sold $3,490,000, 7%, 5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. Flounder Corporation uses the straight-line method to amortize bond premium or discount.

(1) Show the balance sheet presentation for the bond issue at December 31, 2017, using the 104 selling price.

(2) Show the balance sheet presentation for the bond issue at December 31, 2017, using the 98 selling price.

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