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Prepare the adjusting entry on December

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Question - The following section is taken from Carla Vista's balance sheet at December 31, 2020.

Current liabilities

Interest payable $37,500

Long-term liabilities

Bonds payable (10%, due January 1, 2024) 375,000

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

Required -

Journalize the payment of the bond interest on January 1, 2021.

Assume that on January 1, 2021, after paying interest, Mareska calls bonds having a face value of $150,000. The call price is 103. Record the redemption of the bonds.

Prepare the adjusting entry on December 31, 2021, to accrue the interest on the remaining bonds.

Reference no: EM132432219

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