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  • The Following Section Is Taken From Ohlman Corp S Balance Sheet

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    This document provides Ohlman Corp's balance sheet information as of December 31, 2018, including current liabilities of $112,000 in interest payable and long-term liabilities of $1,600,000 in 7% bonds payable due in 2021. It also includes instructions to journalize the payment of bond interest on January 1, 2019, the redemption of $600,000 of callable bonds on that date at 103, and the accrual of interest on December 31, 2019.

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    This document provides Ohlman Corp's balance sheet information as of December 31, 2018, including current liabilities of $112,000 in interest payable and long-term liabilities of $1,600,000 in 7% bonds payable due in 2021. It also includes instructions to journalize the payment of bond interest on January 1, 2019, the redemption of $600,000 of callable bonds on that date at 103, and the accrual of interest on December 31, 2019.

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    © All Rights Reserved
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    5 views1 page

    The Following Section Is Taken From Ohlman Corp S Balance Sheet

    Uploaded by

    trilocksp Singh
    This document provides Ohlman Corp's balance sheet information as of December 31, 2018, including current liabilities of $112,000 in interest payable and long-term liabilities of $1,600,000 in 7% bonds payable due in 2021. It also includes instructions to journalize the payment of bond interest on January 1, 2019, the redemption of $600,000 of callable bonds on that date at 103, and the accrual of interest on December 31, 2019.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    The following section is taken from Ohlman Corp s balance

    sheet
    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, 2018.
    Current liabilities
    Interest payable....................................$ 112,000
    Long-term liabilities
    Bonds payable, 7%, due January 1, 2021......1,600,000
    Bond interest is payable annually on January 1. The bonds are callable on any interest date.
    Instructions
    (a) Journalize the payment of the bond interest on January 1, 2019.
    (b) Assume that on January 1, 2019, after paying interest, Ohlman calls bonds having a face
    value of $600,000. The call price is 103. Record the redemption of the bonds.
    (c) Prepare the entry to record the accrual of interest on December 31, 2019.

    The following section is taken from Ohlman Corp s balance sheet


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