Account assistancesAccounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAllowance for Doubtful AccountsBad Debt ExpenseBonds PayableBuildingsCashCash DividendsCommon StockDepreciation ExpenseDiscount on Bonds PayableDividends PayableEquipmentGain on Bond RedemptionInterest ExpenseInterest PayableInventoryLandLease LiabilityLeased Asset-EquipmentLoss on Bond RedemptionMortgage PayableNotes PayableOther Operating ExpensesPaid-in Capital in Excess of Par-Common StockPaid-in Capital in Excess of Par-Preferred StockPremium on Bonds PayableRent ExpenseRent RevenueRetained EarningsRight-of-Use-AssetSalaries and Wages ExpenseSalaries and Wages PayableSales RevenuelTreasury StockUnearned Rent Revenue At December 31, 2022, $14,880 of the Discount on Bonds Payable account has been amortized. Show the balance sheetpresentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.)(c)eTextbook and MediaList of AccountsSave for LaterDateJan. 1,2024Account Titles and ExplanationeTextbook and MediaBlossom ElectricBalance Sheet (Partial)On January 1, 2024, when the carrying value of the bonds was $7,320,960, the company redeemed the bonds at 102. Record theredemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)List of Accounts$Attempts: 0 of 2 usedDebit$Attempts: 0 of 2 usedSubmit AnswerCreditSubmit Answer Blossom Electric sold $7,440,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interestannually on January 1. The bonds were sold at 98.(a)(b)Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)DateJan. 1,2022Account Titles and ExplanationeTextbook and MediaList of AccountsSave for LaterDebitBlossom ElectricBalance Sheet (Partial)Attempts: 0 of 2 usedCreditSubmit AnswerAt December 31, 2022, $14,880 of the Discount on Bonds Payable account has been amortized. Show the balance sheetpresentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.)

Bond :— It is one of the source of capital that pays fixed periodic interest and face value at the…

Answered: At December 31, 2022, $14,880 of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Account assistances Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Bonds Payable Buildings Cash Cash Dividends Common Stock Depreciation Expense Discount on Bonds Payable Dividends Payable Equipment Gain on Bond Redemption Interest Expense Interest Payable Inventory Land Lease Liability Leased Asset-Equipment Loss on Bond Redemption Mortgage Payable Notes Payable Other Operating Expenses Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Premium on Bonds Payable Rent Expense Rent Revenue Retained Earnings Right-of-Use-Asset Salaries and Wages Expense Salaries and Wages Payable Sales Revenuel Treasury Stock Unearned Rent Revenue

At December 31, 2022, $14,880 of the Discount on Bonds Payable account has been amortized. Show the balance sheet
presentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.)
(c)
eTextbook and Media
List of Accounts
Save for Later
Date
Jan. 1,
2024
Account Titles and Explanation
eTextbook and Media
Blossom Electric
Balance Sheet (Partial)
On January 1, 2024, when the carrying value of the bonds was $7,320,960, the company redeemed the bonds at 102. Record the
redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
List of Accounts
$
Attempts: 0 of 2 used
Debit
$
Attempts: 0 of 2 used
Submit Answer
Credit
Submit Answer

Blossom Electric sold $7,440,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest
annually on January 1. The bonds were sold at 98.
(a)
(b)
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
Jan. 1,
2022
Account Titles and Explanation
eTextbook and Media
List of Accounts
Save for Later
Debit
Blossom Electric
Balance Sheet (Partial)
Attempts: 0 of 2 used
Credit
Submit Answer
At December 31, 2022, $14,880 of the Discount on Bonds Payable account has been amortized. Show the balance sheet
presentation of the long-term liability at December 31, 2022. (Enter account name only and do not provide descriptive information.)

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