Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January 1,
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Instructions
(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017.
(b) At December 31, 2017, $8,000 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2017.
(c) On January 1, 2019, when the carrying value of the bonds was $5,896,000, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid.
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...
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a 2017 Jan1 Cash 6000000 X 98 5880000 Discount on Bonds Payable 120000 Bon...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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