Question

On January 2, 2014, West Company issued 9% bonds in the amount of $500,000 that mature on December 31, 2023. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the effective interest method of amortizing bond discounts.

Required:
In its June 30, 2014, balance sheet, what net amount should West report as bonds payable?



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  • CreatedSeptember 10, 2014
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