eBook 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 370,000 2 Retire bonds 74,000 296,000 June 30 Issue bonds 222,000 518,000 ACCOUNT Discount on Bond Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 16,650 Retire bonds 5,920 10,730 June 30 Issue bonds 14,900 25,630 Dec. 31 Amortize discount 1,280 24,350 Items Section of Statement of Cash Flows Added or Deducted Amount Deducted V 16,650 X Retire bonds Financing activities section v $ Previous Next > Check My Work Save and Exit Submit Assignment for Grading