On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100.

-Required: What will Morton Sales Co. report on these bonds in its December 31, 2018, balance sheet?

Question

On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100.

-Required: What will Morton Sales Co. report on these bonds in its December 31, 2018, balance sheet?

Quizplus · Accepted Answer

The Answer of On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100.

-Required: What will Morton Sales Co. report on these bonds in its December 31, 2018, balance sheet?