The following section is taken from Ohlman Corp's balance sheet at December 31, 2019

The following section is taken from Ohlman Corp's balance sheet at December 31, 2020

Bond interest is payable annually on January 1. The bonds are callable on any interest date.

Instructions

Journalize the payment of the bond interest on January 1, 2021.
Assume that on January 1, 2021, after paying interest, Ohlman calls bonds having a face value of $600,000. the call price is 103, Record the redemption of the bonds.
Prepare the entry to record the accrual of interest on December 31, 2021.

Solution

Problems: Long-Term Liabilities

Problem-01: Long-Term Liabilities

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Problem-03: Long-Term Liabilities

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Problem-04: Long-Term Liabilities

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Problem-07: Long-Term Liabilities

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Problem-08: Long-Term Liabilities

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Problem-09: Long-Term Liabilities

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Problem-10: Long-Term Liabilities

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Problem-11: Long-Term Liabilities

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Problem-12: Long-Term Liabilities

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Problem-13: Long-Term Liabilities

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Problem-14: Long-Term Liabilities

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Problem-15: Long-Term Liabilities

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Problem-16: Long-Term Liabilities

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Problem-17: Long-Term Liabilities

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Problem-18: Long-Term Liabilities

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Problem-19: Long-Term Liabilities

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Problem-20: Long-Term Liabilities

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Problem-21: Long-Term Liabilities

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Problem-22: Long-Term Liabilities

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Problem-23: Long-Term Liabilities

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Problem-24: Long-Term Liabilities

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Problem-25: Long-Term Liabilities

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Problem-26: Long-Term Liabilities

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Problem-27: Long-Term Liabilities

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Long-Term Liabilities

Problem-16: Long-Term Liabilities

Instructions

Solution

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