Exercise 14-23 (Algo) Early extinguishment [LO14-5] The balance sheet of River Electronics Corporation as of December 31, 2023, included 11.25% bonds having a face amount of $91.3 million. The bonds had been issued in 2016 and had a remaining discount of $4.3 million at December 31, 2023. On January 1, 2024, River Electronics called the bonds before their scheduled maturity at the call price of 104. Required: Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024. Note: 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.
Exercise 14-23 (Algo) Early extinguishment [LO14-5] The balance sheet of River Electronics Corporation as of December 31, 2023, included 11.25% bonds having a face amount of $91.3 million. The bonds had been issued in 2016 and had a remaining discount of $4.3 million at December 31, 2023. On January 1, 2024, River Electronics called the bonds before their scheduled maturity at the call price of 104. Required: Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024. Note: 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.
Chapter1: Financial Statements And Business Decisions
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![Exercise 14-23 (Algo) Early extinguishment [LO14-5]
The balance sheet of River Electronics Corporation as of December 31, 2023, included 11.25% bonds having a face amount of $91.3
million. The bonds had been issued in 2016 and had a remaining discount of $4.3 million at December 31, 2023. On January 1, 2024,
River Electronics called the bonds before their scheduled maturity at the call price of 104.
Required:
Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024.
Note: 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb376a48d-d7d9-4c7f-99f0-7dd2b84aca9d%2F037c3175-925d-4c65-8735-4ef8c03e353c%2Fsvvntxc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 14-23 (Algo) Early extinguishment [LO14-5]
The balance sheet of River Electronics Corporation as of December 31, 2023, included 11.25% bonds having a face amount of $91.3
million. The bonds had been issued in 2016 and had a remaining discount of $4.3 million at December 31, 2023. On January 1, 2024,
River Electronics called the bonds before their scheduled maturity at the call price of 104.
Required:
Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024.
Note: 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.
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