eBook Calculator Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the "Cash flows from financing activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance Retire bonds Issue bonds 440,000 352,000 2 88,000 June 30 264,000 616,000 ACCOUNT Discount on Bold Payable ACCOUNT NO Balance Date Item Debit Credit Credit Debit 19,800 Jan 1 Balance 2 Retire bonds 7,040 30 Issue bonds 17,700 June Dec. 12,760 30,460 28,940 31 Amortize discount 1,520 Items Section of Statement of Cash Flows Added or Deducted Amount Retire bonds Issue bonds Amortization of discount Check My Work Previous Next