2. Novak Analysts purchased $312,000 of its bonds on June 30, 2014, at 101 and immediately retired them. The carrying value of the bonds on the retirement date was $306,000. The bonds pay semiannual interest and the interest payment due on June 30, 2014 has been made and recorded. Prepare the journal entry for the retirement of the bond. No. Account Titles and Explanation Debit Credit

2. Novak Analysts purchased $312,000 of its bonds on June 30, 2014, at 101 and immediately retired them. The carrying value of the bonds on the retirement date was $306,000. The bonds pay semiannual interest and the interest payment due on June 30, 2014 has been made and recorded. Prepare the journal entry for the retirement of the bond. No. Account Titles and Explanation Debit Credit

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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