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Prepare the entry to record the mortgage loan

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Question 1 - The balance sheet for Miley Consulting reports the following information on July 1, 2020.

Long-term liabilities

Bonds payable $1,000,000

Less: Discount on bonds payable 60,000 $940,000

Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020.

Question 2 - Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130, 196. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021.

Reference no: EM133154713

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