Question
Brief Exercise 15-06 The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $4,500,000 Less: Discount on
Brief Exercise 15-06
The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020.
| Long-term liabilities | ||||
| Bonds payable | $4,500,000 | |||
| Less: Discount on bonds payable | 315,000 | $4,185,000 |
Ivanhoe decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| July 1 | |||
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Ebook Principles Of Financial Accounting
Authors: John Wild, Ken Shaw, Barbara Chiappetta
2nd Edition
0077166183, 9780077166182
