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Reporting Long-Term Debt on the Statement of Financial Position Scott Corp. provides contracted home staging...

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Reporting Long-Term Debt on the Statement of Financial Position Scott Corp. provides contracted home staging services to real estate agencies and their clients. Scott issued the following bonds in the current year: a. Prepare the statement of financial position for 1,500 bonds with $1,000 face value, which the market has valued at $45,000 below its face value. Assume the bonds are issued at the end of the year. Scott Corp. Statement of Financial Position (Partial) Bonds payable Less: Discount on bonds payable Bonds payable, net Feedback Check My Work Partially correct b. Prepare the statement of financial position for 2,700 bonds with $1,000 face value, which the market has valued at $85,000 above its face value. Assume the bonds are issued at the end of the year. Scott Corp. Statement of Financial Position (Partial) Bonds payable Add: Premium on bonds payable Bonds payable, net

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