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Problem 10-4A Bramble Corp. sold $5,700,000, 13%, 15-year bonds on January 1, 2019. The bonds were dated January 1, 2019, and paid interest on January
Problem 10-4A Bramble Corp. sold $5,700,000, 13%, 15-year bonds on January 1, 2019. The bonds were dated January 1, 2019, and paid interest on January 1. The bonds were sold at 99. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Jan. 1, 2019 Cash Debit 5415000 Discount on Bonds Payable 285000 Bonds Payable 5700000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM At December 31, 2019, $3,800 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2019. (Enter account name only and do not provide descriptive information.) Bramble Corp. Balance Sheet December 31, 2019 Long-term Liabilities Bonds Payable 5700000 Discount on Bonds Payable 285000 $ 5415000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM On January 1, 2021, when the carrying value of the bonds was $5,597,500, the company redeemed the bonds at 104. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Bonds Payable 5700000 Loss on Bond Redemption Discount on Bonds Payable Cash 5928000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR
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