The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020. Long-term liabilities                Bonds payable   $4,500,000            Less: Discount on bonds payable   315,000   $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. what is the account title or explanation?  what is debit or credited?

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A:

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A: Journal entry is a primary entry that records the financial transactions initially.

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A:

Q: issued $630,000, 9%, 5-year bonds at face value.

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A: Redemption of the bonds = Face value of Bonds Payable x Redemption value / 100 = P1,000,000 x 98/100…

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A: As the bond are redeemed on the maturity date, entire discount on bonds payable is amortized and the…

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A: Bond's issued at more than face value are said to be bonds issued at premium.

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A: Answer: Date Particulars Debit ($) Credit ($) January 1, 2021 Interest on Bonds A/c 21,805…

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A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

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A: Long Term liabilities are those liabilities which are payable beyond 1 Year from the Reported date.

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A: Workings: Bonds payable due = $ 2000000

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A: Bonds are instruments acknowledging the debt due from one person to another person to be paid on…

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A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

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A: Interest payable on January 1 = Face value of bonds x rate of interest x 6/12 = $500000 x 6% x 6/12…

Q: On January 1, 2020, Grouper Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

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Q: can you show me how to solve this problem for accounting? Presented here are long-term liability…

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A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

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A: Bond is a financial instrument which helps the entity in arranging funds so that the work of entity…

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A: a. Record general entry for payment of bond interest as shown below:

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A: Hence, the correct answer is option c ($2,068,000).

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