Accounting and straight-line amortization

Reference no: EM13135476

On Jan 1. 2009, Clintwood corporation issued a $1,000, ten-year, 10% bond payable (interest payable each dec 31) For the 3 assumptions below complete the following schedule assuming the accounting year ends dec 31, and straight-line amortization is used:

Assumption 1 Sale @ 100
Assumption 2 Sale @ 96
Assumption 3 Sale 104

Transaction:

A. Cash received on issuance

B. Interest Expense for 2009

C. Net Bond carrying value on the Dec 31 2010 Bal sheet

Reference no: EM13135476

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