When Patey Pontoons issued 10% bonds on January 1, 2018, with a face amount of...
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When Patey Pontoons issued 10% bonds on January 1, 2018, with a face amount of $560,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2021 (4 years). Interest is paid semiannually on June 30 and December 31.
What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2018? . What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2018?
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