Hello,
I need help with this one problem, I think I have A-D but am unsure about E-G
On March 1, 2010, Mark Inc issued a $8000, 8%, five year bond for $8090. The bond was dated on March 1, 2010, and interest is payable each Feb 28. Mark inc has a december 31 year-end.
A. Prepare Journal Entry on March 1, 2010
B. Prepare journal entry required on Dec. 31, 2010. No adjusting entries were made.
C. Prepare Journal Entry on Feb, 28
D. Was the bond issued at par, premium, discount?
E. What is the carrying value or book value on bond on Dec. 31, 2010?
F. Where in the financial statements does the carrying value of the bond appear.
G. On what date does the bond issue mature?
I need help with this one problem, I think I have A-D but am unsure about E-G
On March 1, 2010, Mark Inc issued a $8000, 8%, five year bond for $8090. The bond was dated on March 1, 2010, and interest is payable each Feb 28. Mark inc has a december 31 year-end.
A. Prepare Journal Entry on March 1, 2010
B. Prepare journal entry required on Dec. 31, 2010. No adjusting entries were made.
C. Prepare Journal Entry on Feb, 28
D. Was the bond issued at par, premium, discount?
E. What is the carrying value or book value on bond on Dec. 31, 2010?
F. Where in the financial statements does the carrying value of the bond appear.
G. On what date does the bond issue mature?