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Eastview Magazine issued $690,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Eastview called the bonds at 101. Assume annual interest payments. Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2024) is $ 683,100. The discount on the bonds at Issuance amounts to $ 6,900 The carrying amount of the bonds payable at July 31, 2027 is $ 684,480 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.) text peace Date Accounts Debit 2027 Jul. 31 Bonds Payable 690,000 Loss on Retirement of Bonds Payable Cash Discount on Bonds Payable Credit 6900

Eastview Magazine issued $690,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Eastview called the bonds at 101. Assume annual interest payments. Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2024) is $ 683,100. The discount on the bonds at Issuance amounts to $ 6,900 The carrying amount of the bonds payable at July 31, 2027 is $ 684,480 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.) text peace Date Accounts Debit 2027 Jul. 31 Bonds Payable 690,000 Loss on Retirement of Bonds Payable Cash Discount on Bonds Payable Credit 6900

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 16E
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Eastview Magazine issued $690,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Eastview called the bonds at 101. Assume annual interest payments. Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2024) is $ 683,100. The discount on the bonds at Issuance amounts to $ 6,900 The carrying amount of the bonds payable at July 31, 2027 is $ 684,480 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.) text peace Date Accounts Debit 2027 Jul. 31 Bonds Payable 690,000 Loss on Retirement of Bonds Payable Cash Discount on Bonds Payable Credit 6900
Transcribed Image Text:Eastview Magazine issued $690,000 of 15-year, 6% callable bonds payable on July 31, 2024, at 99. On July 31, 2027, Eastview called the bonds at 101. Assume annual interest payments. Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2027. 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. First, complete the sentence below. The carrying amount of the bonds payable at issuance (July 31, 2024) is $ 683,100. The discount on the bonds at Issuance amounts to $ 6,900 The carrying amount of the bonds payable at July 31, 2027 is $ 684,480 Requirement 2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2027. No explanation is required. (Record debits first, then credits. Exclude explanations from any journal entries.) text peace Date Accounts Debit 2027 Jul. 31 Bonds Payable 690,000 Loss on Retirement of Bonds Payable Cash Discount on Bonds Payable Credit 6900
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