On June 30, 2017, Sheffield Company issued $3,700,000 face value of 13%, 20-year bonds at...
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Accounting
On June 30, 2017, Sheffield Company issued $3,700,000 face value of 13%, 20-year bonds at $3,978,349, a yield of 12%. Sheffield uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.
Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2018, balance sheet.
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