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What bonds payable amount will serotta report on the year

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Reference no: EM132712979

Serotta Corporation is planning to issue bonds with a face value of $400,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 4 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

Problem 1: What bonds payable amount will Serotta report on this year's December 31 balance sheet?

Reference no: EM132712979

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