Creating the valuation account for the discount, Financial Accounting

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Creating the valuation account for the discount

Response to the following problem:

Long-term debt can be reported either (a) as a single amount, net of any discount or increased by any premium or (b) at its face amount accompanied by a separate valuation account for the discount or premium.

Any portion of the debt to be paid during the upcoming year, or operating cycle if longer, should be reported as a current amount. Regarding amounts to be paid in the future, what additional disclosures should be made in connection with long-term debt?

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Financial Accounting: Creating the valuation account for the discount

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