Reference no: EM13177388
The Acme Company issued 5%, 10-year bonds payable at 90 on December 31, 2010. At December 31, 2012, Acme reported the bonds payable as follows:
Bonds Payable 400,000
less: Discount 32,000 368,000
Acme uses the straight line amortization method and pays interest twice per year on June 30 and December 31.
Required: a: What is the maturity value of the bonds?
b: What is the carrying amount of the bonds on December 31, 2012?
c: What is the annual cash interest payment on the bonds?
d: How much interest expense will Acme record each year?
e: What will be the carrying amount of the bonds on December 31, 2014
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