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Worldview Magazine issued $630,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 97. On July 31, 2027, Worldview called the bonds at
Worldview Magazine issued $630,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 97. On July 31, 2027, Worldview called the bonds at 104. Assume 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. Requirement 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. (Assume bonds payable are amortized using the straight-line amortization method.) First, complete the sentence below. $ 611,100 . The discount on the bonds at The carrying amount of the bonds payable at issuance (July 31, 2024) is issuance amounts to $ 18,900 The carrying amount of the bonds payable at July 31, 2027 is $ 614,880 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. 31 630,000 Bonds Payable Loss on Retirement of Bonds Payable Discount on Bonds Payable Cash
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