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EX 13-14 Reporting issuance and retirement of long-term debt Obj. 4 On the basis of the details of the following bonds payable and related discount accounts, indi- cate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit JanBalance June 30 Issue bonds 750,000 600,000 1,050,000 2 Retire bonds 150,000 450,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Item Debit Credit ebit Credit Date Jan. 1 Balance 33,750 12,000 21,750 51,750 2,625 49,125 2 Retire bonds June 30 Issue bonds Dec. 31 Amortize discount 30,000 EXERCISE 13-14