12.00 points Sikes Corporation, whose annual acoounting period ends on December

Question

12.00 points Sikes Corporation, whose annual acoounting period ends on December 31, issued the following bonds Date of bonds: January 1, 2015 Maturity amount and date: $100,000 due in 10 years (December 31, 2024) Interest: 10 percent per year payable each December 31 Date issued: January 1, 2015 Required: For each of the three independent cases that follow, provide the following amounts to be reported on the January 1, 2015, financial statements immediately after the bonds are issued. TIP: See Exhibi: 10.5 for an illustration distinguishing Bonds Payable from their carrying value. (Negative amounts should be indicated with a minus sign. 1. Case A (issued at 100) Case B (at 95) Case C (at 103) January 1, 2015-Financial statements: a. Bonds payable b. | Unamortized premiumor discount) C. Carrying value

Explanation / Answer

Case A(100) Case B(95) Case C(103) Bonds payable 100000 100000 100000 Unamortized premium(discount) 0 -5000 3000 Carrying value 100000 95000 103000

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