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Business, 14.02.2020 05:26 Morganwing1019

Sunland Company issued its 9%, 25-year mortgage bonds in the principal amount of $2,990,000 on January 2, 2006, at a discount of $151,000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 106% of the principal amount, but it did not provide for any sinking fund.

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Sunland Company issued its 9%, 25-year mortgage bonds in the principal amount of $2,990,000 on Janua...
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