RES Inc. reported the following with respect to its bonds payable in the 2014 financial statements. 2014
Question:
2014 2013
Interest payable......................$ 10,000.................$ 10,000
Bonds payable........................455,000..................460,000
Interest expense........................25,000
(a) Were the bonds sold at a premium or a discount?
(b) Calculate the cash payments for interest.
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a The bonds were sold at a premium ...View the full answer
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Related Book For 
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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