Maurice Tutor

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Category > Accounting Posted 10 Aug 2017 My Price 5.00

Planet Corporation

5. (TCO D) On July 1, Year 1, Planet Corporation sold Ken Company ten-year, 8% bonds with a face amount of $500,000 for $520,000. The market rate was 6%. The bonds pay interest semiannually on June 30 and December 31.

For the six months ended December 31, Year 1, what amount should Planet report as bond interest expense and long-term liability in the balance sheet and income statement for Year 1? (Points : 5)            B/S             I/S
$ 511,200   $ 31,200

       $ 500,000   $ 20,000

       $ 504,400   $    4,400

       $ 515,600    $ 15,600

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 11:08 AM My Price 5.00

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