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IRINA_888 [86]
3 years ago
10

issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $388,000, the compan

y redeemed the bonds at 99. Prepare the entry to record the redemption of the bonds.
Business
1 answer:
SpyIntel [72]3 years ago
3 0

Answer:

Dr Bonds Payable $400,000

Dr Loss on retirement of bonds $12,000

Cr Cash $396,000

Cr Discount on bonds $16,000

Explanation:

Preparation of the journal entry to record the redemption of the bonds.

Dr Bonds Payable $400,000

Dr Loss on retirement of bonds $12,000

($400,000-$388,000)

Cr Cash $396,000

($400,000 *99% = $396,000)

Cr Discount on bonds $16,000

($400,000+$12,000-$396,000)

(To record the redemption of the bonds)

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