On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of...
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Accounting
On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of $5.3 million for cash. The bonds mature in 15 years and were issued at a price of $1,920,985.
Required:
What will Morton Sales Company report on these bonds in its December 31, 2024, balance sheet?
Note: Use tables, Excel, or a financial calculator. Round your effective interest rate to the nearest whole percent and final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
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