On May 1 2016 Ramden Company issues 13 bonds with
On May 1, 2016, Ramden Company issues 13% bonds with a face value of $2 million. The bond contract calls for retirement of the bonds in periodic installments of $200,000, starting on May 1, 2017, and continuing on each May' 1 thereafter until all bonds arc retired.
Required:
How would the preceding information appear in Ram den’s balance sheets on December 31,2016 and 2017?
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