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(a) Jan. 1 2022 Bonds Payable Cash (b) Dec. 31 2022 Bonds Payable Loss on Bond Redemption Cash (c) Jan. 1 2023 (d) Dec. 31
(a) Jan. 1 2022 Bonds Payable Cash (b) Dec. 31 2022 Bonds Payable Loss on Bond Redemption Cash (c) Jan. 1 2023 (d) Dec. 31 2023 Current Attempt in Progress The following information is taken from Oriole Corps balance sheet at December 31, 2021. $ 96,800 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,420,000 24,200 2,395,800 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Oriole uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for an additional 10 years (120 months). (a) (b) (c) Journalize the payment of bond interest on January 1, 2022. Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2022. Assume on January 1, 2023, after paying interest, that Oriole Corp. calls bonds having a face value of $484,000. The call price is 102. Record the redemption of the bonds. Prepare the adjusting entry at December 31, 2023, to amortize bond discount and to accrue interest on the remaining bonds. (d)
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