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 $2,000,000 note payable which matures June 30, 2015. The second is a $6,000,000 bond issue which matures September 30, 2016. The third is a $12,500,000 sinking fund debenture with annual sinking fund payments of $2,500,000 in each of the years 2014 through 2018. Prepare the required note disclosure for the long-term debt at December 31, 2012.

2013 $________________________

2014$________________________

2015$_________________________

2016$__________________________

2017$____________________________

Explanation / Answer

In the Books of Redmond Company,At December 31, 2012

Long Term Debt $ Notes Payable (Maturity June 30,2015) 2,000,000 Bonds Issued (Maturity September30, 2016) 6,000,000 Sinking Fund Debenture(payments of $2,500,000 in each of the years 2014 through 2018) 12,500,000

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