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Answer the following questions in short essay form. Do your best to answer in your own words. Quotes and specific support for your answers are encouraged. Make sure to include citations where appropriate.
1. Under what conditions will a bond sell for less than par (face) value?
2. At what amount will a bond be reported in the Bonds Payable account on the Balance Sheet?
3. How is a Premium on Bonds Payable reported on the Balance Sheet?
4. If a note payable has an unreasonable or no stated interest rate, at what amount should it be recorded on the Balance Sheet?
5. What is the meaning of ‘imputed’ interest?