The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $400,000 Less: Discount on bonds payable 9,000 $391,000 Ivanhoe decides to redeem these bonds at 109 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $400,000 Less: Discount on bonds payable 9,000 $391,000 Ivanhoe decides to redeem these bonds at 109 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PB: Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...
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Question
The balance sheet for Ivanhoe Company reports the following information on July 1, 2022.
| IVANHOE COMPANY Balance Sheet (partial) |
||||
|---|---|---|---|---|
|
Long-term liabilities
|
||||
|
Bonds payable
|
$400,000 | |||
|
Less: Discount on bonds payable
|
9,000 | $391,000 |
Ivanhoe decides to redeem these bonds at 109 after paying annual interest.
Prepare the
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
July 1
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
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