Textbook Problem

Which of the following statements regarding bonds payable is true?

1. Generally, bonds are issued in denominations of $100.
2. When an issuing company’s bonds are traded in the "secondary" market, the company will receive part of the proceeds when the bonds are sold from the first purchaser to second purchaser.
3. The entire principal amount of most bonds mature on a single date.
4. A debenture bond is backed by specific assets of the issuing company.