Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ivanhoe company sold $6,100,000, 8%, 15-year bonds

Ivanhoe Company sold $6,100,000, 8%, 15-year bonds on January 1, 2022. The bonds were dated...

60.1K

Verified Solution

Question

Accounting

image

Ivanhoe Company sold $6,100,000, 8%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on December 31. The bonds were sold at 97. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO At December 31, 2022, $8,000 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2022. IVANHOE COMPANY Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO At January 1, 2024, when the carrying value of the bonds was $5,978,000, the company redeemed the bonds at 103. Record the redemption of the bonds assuming that interest for the year had already been paid. entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students