Selected Financial Information for Trant Corporation Is Presented Below Instructions
Prepare a Schedule Showing a Horizontal Analysis for 2017

question 160

Essay

Selected financial information for Trant Corporation is presented below. $$\begin{array} { l c c } & \text { December 31,2017 } & \text { December 31, 2016 } \\\text { Current assets } & \$ 55,000 & \$ 40,000 \\\text { Long-term liabilities } & 90,000 & 80,000 \\\text { Retained earnings } & 125,000 & 100,000\end{array}$$ Instructions
Prepare a schedule showing a horizontal analysis for 2017 using 2016 as the base year.

Identify and record accounting entries for bond issuances, interest expense, and bond amortization.

Distinguish between the characteristics of bonds sold at a discount, at par, and at a premium.

Analyze the impact of bond transactions on financial statements.

Understand the theoretical justification and accounting treatment of bond issue costs.

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