Homework Answers
Kershaw Electric
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1, 2017 | Cash ($5615000 x 96/100) | 5390400 | |
| Discount on bonds payable | 224600 | ||
| Bonds payable | 5615000 |
| Kershaw Electric | ||
| Balance Sheet (Partial) | ||
| December 31, 2017 | ||
| Long-Term Liabilities | ||
| Bonds payable | 5615000 | |
| Less: | ||
| Discount on bonds payable | 216700 | 5398300 |
Discount on bonds payable = $224600 - $7900 = $216700
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1, 2019 | Bonds payable | 5615000 | |
| Loss on redemption of bonds | 264950 | ||
| Discount on bonds payable ($5615000 - $5406200) | 208800 | ||
| Cash ($5615000 x 101/100) | 5671150 |
Paris Electric
(a)
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1, 2017 | Cash ($3150000 x 104/100) | 3276000 | |
| Premium on bonds payable | 126000 | ||
| Bonds payable | 3150000 |
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