CengageNOwv2 Online teaching and learning resource from Cengage Learning 11. EX.

Question

CengageNOwv2 Online teaching and learning resource from Cengage Learning 11. EX.13-14 ALGO (Algorithmic) Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows retiring the bonds ACCOUNT Bonds Payable ACCOUNT No Date Item Debit Credit Debit Credit 500,000 400,000 700,000 Balance 2 Retire bonds 100,000 Issue bonds 300,000 ACCOUNT Discount on Bond Payable ACCOUNT NO Balance Date Credit Debit 22,500 14,500 34,600 Debit Credit Jan Retire bonds 8,000 June 30 Issue bonds 20,100 145 PM 2/21/2017

Explanation / Answer

Retire bonds Financing activities Deducted 92000 Issue bonds Financing activities Added 279900 Amortization of discount Operating activities Added 1730

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