Question: Cornerstone Exercise 9-22 (Algorithmic) Reporting Long-Term Debt on the Balance Sheet Dennis Corp. has the following bonds: a. $106,000 in bonds that have $2,000 of

Cornerstone Exercise 9-22 (Algorithmic) Reporting Long-Term Debt on the Balance Sheet

Cornerstone Exercise 9-22 (Algorithmic) Reporting Long-Term Debt on the Balance Sheet Dennis Corp. has the following bonds: a. $106,000 in bonds that have $2,000 of unamortized discount associated with them. b. $106,000 in bonds that have $3,000 of unamortized premium associated with them. Required: Prepare the balance sheet presentation for these two bonds. a. Long-term liabilities: $ Bonds payable Discount on bonds payable Carrying value b. Long-term liabilities: Bonds payable Premium on bonds payable Carrying value EA A

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