Question: On May 1, 2013, Ramden Company issues 13% serial bonds with a face value of $2 million. The bond contract calls for retirement of the

On May 1, 2013, Ramden Company issues 13% serial bonds with a face value of $2 million. The bond contract calls for retirement of the bonds in periodic installments of $200,000, starting on May 1, 2014, and continuing on each May 1 thereafter until all bonds are retired.
Required:
How would the preceding information appear in Ramden's balance sheets on December 31, 2013 and 2014?

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