accounting-The following section is taken from Ohlman Corp.’s balance sheet

accounting-The following section is taken from Ohlman Corp.’s balance sheet

accounting-The following section is taken from Ohlman Corp.’s balance sheet

The following section is taken from Ohlman Corp.’s balance sheet at December 31, 2014.Current liabilities Interest payable$ 53,830Long-term liabilities Bonds payable, 7%, due January 1, 20191,538,000Bond interest is payable semiannually on January 1 and July 1. The bonds are callable on any interest date.Journalize the payment of the bond interest on January 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1SHOW LIST OF ACCOUNTSAssume that on January 1, 2015, after paying interest, Ohlman calls bonds having a face value of $593,000. The call price is 103. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1SHOW LIST OF ACCOUNTSPrepare the entry to record the payment of interest on July 1, 2015, assuming no previous accrual of interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 1

 

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