Brief Exercise 10-11 The balance sheet for Crane Company reports the following i

Question

Brief Exercise 10-11 The balance sheet for Crane Company reports the following information on July 1, 2017. CRANE COMPANY Balance Sheet (partial) Long-term liabilities 93.390.000 3.25,750 Bonds payable 74,250 $3,225,750 Less: Discount on bonds payable Crane decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Credit

Explanation / Answer

Bonds payable 3300000 Loss on redemption of bonds 206250          Discount on bonds payable 74250          Cash 3432000

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.