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Marvin Corporation issued $585,000 of 7%,10-year bonds for 97 on January 1, Year 1. Interest...

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Accounting

Marvin Corporation issued $585,000 of 7%,10-year bonds for 97 on January 1, Year 1. Interest is payable annually on December 31. The company uses the straight-line method to amortize bond discounts and premiums.
Required:
a) Prepare the liabilities section of the balance sheet at December 31, Year 1.
b) Determine the amount of interest expense reported on the Year 1 income statement.
c) Prepare the operating activities section of the Year 1 statement of cash flows.

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