The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021. Current Liabilities Interest Payable $ 89,500 Long-term Liabilities Bonds payable, 5%, due January 1, 2024...

The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021.

Current Liabilities
Interest Payable	$ 89,500
Long-term Liabilities
Bonds payable, 5%, due January 1, 2024	1,790,000

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

a) Journalize the payment of the bond interest on January 1, 2022.

b) Assume that on January 1, 2022, after paying interest, Bramble calls bonds having a face value of $602,000. The call price is 105. Record the redemption of the bonds.

c) Prepare the entry to record the accrual of interest on December 31, 2022.

Jun 02, 2022

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The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021. Current Liabilities Interest Payable $ 89,500 Long-term Liabilities Bonds payable, 5%, due January 1, 2024...

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