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Reference no: EM133000433

Comprehensive Problem - Issuance, Classification, Reporting - Presented below are three - independent situations.

(a) On January 1, 2015, Langley Co. issued 9% bonds with a face value of $700,000 for $656,992 to yield 10%. The bonds are dated January 1, 2015, and pay interest annually. What amount is reported for interest expense in 2015 related to these bonds?

(b) Tweedie Building Co. has a number of long-term bonds outstanding at December 31, 2015. These long-term bonds have the following sinking fund requirements and maturities for the next 6 years.

Sinking Fund Maturities

2016 $300,000 $100,000

2017 100,000 250,000

2018 100,000 100,000

2019 200,000 -

2020 200,000 150,000

2021 200,000 100,000

Indicate how this information should be reported in the financial statements at December 31, 2015.

(c) In the long-term debt structure of Beckford Inc., the following three bonds were reported: mortgage bonds payable $10,000,000; collateral trust bonds $5,000,000; bonds maturing in installments, secured by plant equipment $4,000,000. Determine the total amount, if any, of debenture bonds outstanding?

Reference no: EM133000433

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