At December 31, 2012, Redmond Company has outstanding three long-term debt issue

Question

At December 31, 2012, Redmond Company has outstanding three long-term debt issues. The first is a $2,001,400 note payable which matures June 30, 2015. The second is a $6,032,100 bond issue which matures September 30, 2016. The third is a $12,567,000 sinking fund debenture with annual sinking fund payments of $2,513,400 in each of the years 2014 through 2018. Prepare the required note disclosure for the long-term debt at December 31, 2012. 2013 0 2014 ? 2015 ? 2016 ? 2017 2513400 need help with how to figure out the other years

Explanation / Answer

The disclosure should go as follows: Particulars 2013 2014 2015 2016 2017 Long term debt ----- ----- 2001400 6032100 12567000 The debt repayable in 2017 has a sinking fund for the same with an annual contribution of 2513400

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