A company retired $75 million of its 9% bonds at 102 ($76.5 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $2 million. Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Event 1 Answer is complete but not entirely correct. General Journal Bonds payable Loss on early extinguishment Discount on bonds payable Cash Debit 75,000,000.00 3,500,000.0 Credit 2,000,000.0 76,500,000.00

A company retired $75 million of its 9% bonds at 102 ($76.5 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $2 million. Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Event 1 Answer is complete but not entirely correct. General Journal Bonds payable Loss on early extinguishment Discount on bonds payable Cash Debit 75,000,000.00 3,500,000.0 Credit 2,000,000.0 76,500,000.00

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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