13. ) Concord Company had bonds outstanding with a face value of $400,000. On April 30, 2017, when these bonds had an unamortized discount of $35,000, they were called in at 102. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 100 (face value $400,000). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds. Redemption of Old Bonds Date Accounts DR CR 4-30-17 Issuance of New Bonds Date Accounts DR CR 3-30-17

13. ) Concord Company had bonds outstanding with a face value of $400,000. On April 30, 2017, when these bonds had an unamortized discount of $35,000, they were called in at 102. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 100 (face value $400,000). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds. Redemption of Old Bonds Date Accounts DR CR 4-30-17 Issuance of New Bonds Date Accounts DR CR 3-30-17

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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