Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. The following section is taken from Ivanhoe's balance sheet at December 31, 2021.Current liabilitiesInterest payableLong-term liabilitiesBonds payable (8%, due January 1, 2025)Interest is payable annually on January 1. The bonds are callable on any annual interest date.(c)(a) Journalize the payment of the bond interest on January 1, 2022.(b)Assume that on January 1, 2022, after paying interest, Ivanhoe calls bonds having a face value of $170,000.The call price is 106. Record the redemption of the bonds.Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)(a)$ 47,500No. Date Account Titles and ExplanationJan.1(b)575,000(c)Jan.1Dec.31DebitCredi

Loss on redemption of bonds = Redemption value - Face value of bonds= ($170,000*106/100) - $170,000=…

The following section is taken from Ivanhoe's balance sheet at December 31, Current liabilities Interest payable Long-term liabilities Bonds payable (8%, due January 1, 2025) (a) (b) $ 47,500 Interest is payable annually on January 1. The bonds are callable on any annual interest date. (c) 575,000 Journalize the payment of the bond interest on January 1, 2022. Assume that on January 1, 2022, after paying interest, Ivanhoe calls bonds having a face value of $170,000. The call price is 106. Record the redemption of the bonds. Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds.

The following section is taken from Ivanhoe's balance sheet at December 31, Current liabilities Interest payable Long-term liabilities Bonds payable (8%, due January 1, 2025) (a) (b) $ 47,500 Interest is payable annually on January 1. The bonds are callable on any annual interest date. (c) 575,000 Journalize the payment of the bond interest on January 1, 2022. Assume that on January 1, 2022, after paying interest, Ivanhoe calls bonds having a face value of $170,000. The call price is 106. Record the redemption of the bonds. Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PB: Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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