Kershaw Electric sold $4,510 000 at 97. 14% 10-year bonds on January 1 2017. The
ID: 2511615 • Letter: K
Question
Kershaw Electric sold $4,510 000 at 97. 14% 10-year bonds on January 1 2017. The bonds were dated January 1 2017 and paid interest on January. The bonds were sold Prepare the ournal entry to record the issuance of the bonds on January ?, 2017 not indent manually.) Credit account tites are a ton atica , inden ed i en amount sentere. Do Date Account Titles and Explanation Credit Jan. 1, 2017 At December 31, 2017, $7,600 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2017. (Enter account name only and do not provide descriptive information.) Kershaw Electric Balance Sheet (Partial) On January 1, 2019, when the carrying value of the bonds was $4,389,900, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically dented when a un t is entered. Do not intent manual Date Account Titles and Explanation Debit Credit Jan. 1, 2019Explanation / Answer
a) Journal entry :
Balance sheet presentation :
Journal entry
Date accounts & explanation debit credit Jan 1,2017 Cash 4374700 Discount on bonds payable 135300 Bonds payable 4510000 (To record issue bonds payable)Related Questions
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