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Calculate cash received at issuance

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On January 1, 2009, Clintwood Corporation issued a $1,000, ten-year, 10% bond payable (interest payable each December 31). For the three assumptions below, provide the following information assuming the accounting year ends December 31, and straight-line amortization is used:

Assumption A - Bonds issued at 100
Assumption B - Bonds issued at 96
Assumption C - Bonds issued at 104

 

@100

@96

@104

Cash Received at Issuance

 

 

 

Interest Expense for 2009

 

 

 

Net bond carrying value on December 31, 2010

 

 

 

 

Reference no: EM13496941

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