How do I report interest payable and bonds payable as they would appear on the Marlin Corp. balance sheet at December 31, 2012 (see attachment for the format).
Interest payable $24,000
Bonds payable $900,000
Accumulated discount = $450+$300 = $750
Balance in discount payable account: $9,000-$750 = $8,250
Book value of bonds: $900,000-$8,250 = $891,750
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