Answer the four accounting questions

1. In your own words, detail out the primary differences between “bonds payable” and “notes payable”?

2. What conditions must be present for bonds to be issued at a discount?

3. What is meant by the terminology ‘carrying value of bonds’?

4. Newman Production Services signed an 12%, 10 year note for $170,000. The company pays $2,700 per month as a fixed installment payment. How much interest expense would be recorded at the time of the second monthly installment payment?

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