The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022.
Long-term liabilities
Bonds payable
Less: Discount on bonds payable
$1,280,000
51,200
$1,228,800
Pina Colada decides to redeem these bonds at 105 after paying annual interest.
Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
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