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Requirement 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2021. (Assume bonds payable are amortized using
Requirement 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2021. (Assume bonds payable are amortized using the straight-line amortization method.) First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2018) is issuance amounts to $ 3,600 $ 356,400 The discount on the bonds at The carrying amount of the bonds payable at July 31, 2021 is $ 357,120 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2021. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.) Debit Date Accounts Credit 2021 Jul. 31
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