Long-term liabilities ORIOLE COMPANY Balance Sheet (partial) Bonds payable $3,600,000 Less: Discount on bonds payable 81,000 $3,519,000 Oriole decides to redeem these bonds at 106 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2025. (List all debit entries before credit entries. Credit titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select" for the account titles and enter 0 for the amounts.) Date July 1 Account Titles and Explanation Debit Credit
Long-term liabilities ORIOLE COMPANY Balance Sheet (partial) Bonds payable $3,600,000 Less: Discount on bonds payable 81,000 $3,519,000 Oriole decides to redeem these bonds at 106 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2025. (List all debit entries before credit entries. Credit titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select" for the account titles and enter 0 for the amounts.) Date July 1 Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Long-term liabilities
ORIOLE COMPANY
Balance Sheet (partial)
Bonds payable
$3,600,000
Less: Discount on bonds payable
81,000
$3,519,000
Oriole decides to redeem these bonds at 106 after paying annual interest.
Prepare the journal entry to record the redemption on July 1, 2025. (List all debit entries before credit entries. Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts.)
Date
July 1
Account Titles and Explanation
Debit
Credit
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