Problem-03: Long-Term Liabilities

The following section is taken from Mareska's balance sheet at December 31, 2020.

Bond interest is payable annually on January 1. The bonds are callable on any annual 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 adjusting entry on December 31, 2021, to record the accrual of interest on the remaining bonds.

Solution

Problems: 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-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-22: 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-03: Long-Term Liabilities

Instructions

Solution

Problems: Long-Term Liabilities

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