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Issuance of bonds payable of sawyer corporation

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Reference no: EM132421331

Problem: The following information was taken from the 2008 financial statements of Sawyer Corporation:

Bonds payable, January 1, 2008                                                 $  500,000

Bonds payable, December 31, 2008                                            2,000,000

During 2008

  • A $450,000 payment was made to retire bonds payable with a face amount of $500,000.
  • Bonds payable with a face amount of $200,000 were issued in exchange for equipment.

In its statement of cash flows for the year ended December 31, 2008, what amount should Sawyer report as proceeds from issuance of bonds payable?

Reference no: EM132421331

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