The balance sheet for Miley Consulting reports the following information on July 1, 2019. Long-term liabilities Bonds

Question:

The for Miley Consulting reports the following information on July 1, 2019.
Long-term liabilities
Bonds payable..........................................$1,000,000
Less: Discount on bonds payable..........................60,000............$940,000
Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2019.
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...