Watson Corporation issued $500,000 of 8%, 10-year bonds on January 1, 2011, at face value. The note
Question:
(a) The January 1, 2011 issuance and
(b) The December 31, 2011 interest payment and bond issuance cost amortization.
(c) What are the general principles surrounding accounting for transaction costs associated with the issue of note or bonds?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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