Reference no: EM133174389
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. Please answer the following questions.
(1) Prepare the journal entry on January 1, 2015 based on US GAAP and IFRS, respectively.
(2) Prepare the discount amortization table only up to December 31, 2015.
(3) Prepare the journal entry on December 31, 2015 based on US GAAP and IFRS, respectively.
(4) Prepare bonds section in the 2015 balance sheet, based on US GAAP and IFRS, respectively.
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