Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: ...
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Accounting
Sikes Corporation, whose annual accounting period ends on December issued the following bonds:
Date of bonds: January
Maturity amount and date: $ due in years December
Interest: percent per year payable each December
Date issued: January
Required:
For each of the three independent cases that follow, provide the amounts to be reported on the January financial statements immediately after the bonds are issued. TIP: See Exhibit for an illustration distinguishing Bonds Payable from their carrying value. Deductions should be indicated by a minus sign.
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