The balance sheet for Prism Consulting reports the following information on July 1, 2014. Prism decides to

Question:

The for Prism Consulting reports the following information on July 1, 2014.

Prism decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1,2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...