eBook Print Item 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 Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Debit Credit Date Item 750,000 Jan. 1 Balance 600,000 2 Retire bonds 150,000 450,000 1,050,000 June 30 Issue bonds ACCOUNT NO. ACCOUNT Discount on Bonds Payable Balance Credit Debit Debit Credit Date Item 33,750 Jan. 1 Balance Retire bonds 12 000 21,750 2 30,000 51.750 Added June Issue bonds 30 2,625 49,125 Deducted Dec. 31 Amortize discount Ad Report only ted Amount Section of Statement of Cash Flows Item Financing activities section Retire bonds Previous Next > Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 33,750 2. Retire bonds 12,000 21,750 June 30 Issue bonds 30,000 51,750 Added Dec. 31 Amortize discount 2,625 49,125 Deducted Item Section of Statement of Cash Flows Ad Report only ted Amount Retire bonds Financing activities section Issue bonds Financing activities section $ Amortization of discount Financing act dropdown tion Check My Work Previous Next