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Worldview Magazine issued $300,000 of 15-year, 9% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Worldview called the bonds

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Worldview Magazine issued $300,000 of 15-year, 9% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Worldview called the bonds at 103. Assur annual interest payments Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required the straight-line amortization method) First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2024) is $ 297,000 The discount on the bonds at issuance amounts to $ 3,000 The carrying amount of the bonds payable at July 31, 2027 is $ 297,600 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027 No explanation is required (Record debits first, then credits Exclude explanations from any journal entries). Date Accounts Debit Credit 2027 Jul 31 Bonds Payable 300,000 Loss on Retirement of Bonds Payable Discount on Bonds Payable Cash

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