- Please Answer This For Me Please It Is 1 Question I Need Correct Answers Please I Will Give Thumnbs Up 1 (92.98 KiB) Viewed 3 times
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 "Cash flows from financing activities" section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT NO. ACCOUNT Bonds Payable Date Jan. 2 June 30 Date Jan. 1 ACCOUNT Discount on Bond Payable Items 1 June 30 Dec. 31 Issue bonds 2 Retire bonds Item Balance Retire bonds Issue bonds Item Balance Retire bonds Issue bonds Amortization of discount Amortize discount Debit 78,000 Debit 15,700 Credit 234,000 Credit 6,240 1,350 Debit Balance Section of Statement of Cash Flows ACCOUNT NO. Debit Credit 390,000 312,000 546,000 Balance 17,550 11,310 27,010 25,660 Credit Added or Deducted Financing activities section Investing activities section Operating activities section, if indirect method used Separate schedule $ Amount