Ten years ago, Cary Company issued $1,500,000 of 7 percent, 10-year bonds at a price of 95. On the maturity date of January 2, after making the final interest payment and recording the related entry, Cary retired the bonds. Complete the necessary journal entry for January 2, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Explanation:

The journal entry is presented below:

On January 2

Bond payable A/c Dr $1,500,000

      To Cash A/c $1,500,000

(Being the redemption of the bonds is recorded)

The discount on bonds payable would be matured on the date of maturity so in this case the face value would be recorded and it is equaled to the carrying value

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