1. If bonds are issued for a price below their face value, the bond discount should be A. charged to expense on the date the bonds are issued. B. amortized over the life of the bond issue. C. shown as an addition to Bonds Payable in the Long-Term Liabilities section of the balance sheet. D. shown as a current liability on the balance sheet.
2. A corporation paid $104,000 to retire bonds with a face value of $100,000 and an unamortized premium balance of $3,000. The entry to record the early retirement of the bonds will include the recognition of a loss of A. $7,000. B. $4,000. C. $1,000. D. $3,000.
This question was answered on: Sep 21, 2023
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