Reference no: EM133060986
Question - On January 1, 2015, Patterson Inc. issued $9,000,000, 8% bonds for $7,906,572. The market rate of interest for these bonds on January 1, 2015, was 12%. Interest is payable annually on December 31. The maturity date of the bonds is December 31, 2019.
Required - Please answer the following questions.
-Prepare the discount amortization table only up to December 31, 2015.
-Prepare the journal entry on December 31, 2015, based on US GAAP and IFRS, respectively.
-Prepare bonds section in the 2015 balance sheet, based on US GAAP and IFRS, respectively.
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: On January 1, 2015, Patterson Inc. issued $9,000,000, 8% bonds for $7,906,572. Prepare the discount amortization table only up to December 31, 2015
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