25 The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102 Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the redemption of the bonds. Note: Enter debits before credits Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal
25 The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102 Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the redemption of the bonds. Note: Enter debits before credits Date January 01, 2021 Record entry General Journal Clear entry Debit Credit View general journal
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...
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![25
The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of
$90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021,
Indian River Electronics called the bonds before their scheduled maturity at the call price of 102
Required:
Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required
for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
View transaction list
Journal entry worksheet
Record the redemption of the bonds.
Note: Enter debits before credits
Date
January 01,
2021
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5662197-50bd-4d63-a5ca-c2b9744d9cef%2Fa604a175-6ebb-4f8c-81b3-43f72b9582e1%2F4rwp7gh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:25
The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of
$90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021,
Indian River Electronics called the bonds before their scheduled maturity at the call price of 102
Required:
Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required
for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
View transaction list
Journal entry worksheet
Record the redemption of the bonds.
Note: Enter debits before credits
Date
January 01,
2021
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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