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The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $5,000,000 Less: Discount on bonds payable 200,000
The balance sheet for Crane Consulting reports the following information on July 1, 2020.
| Long-term liabilities | ||||
| Bonds payable | $5,000,000 | |||
| Less: Discount on bonds payable | 200,000 | $4,800,000 |
Crane decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| July 1 | |||
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