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 A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.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

2016

Jan.

1

Balance

470,000

Jan.

2

Retire bonds

94,000

376,000

June

30

Issue bonds

282,000

658,000

ACCOUNT Discount on Bond Payable									ACCOUNT NO.
									Balance
Date			Item		Debit		Credit		Debit		Credit
2016
Jan.	1			Balance					21,150
Jan.	2			Retire bonds			7,520		13,630
June	30			Issue bonds	18,900				32,530
Dec.	31			Amortize discount			1,630		30,900

Item

Retire bonds $

Issue bonds $

Amortization of discount $