A $990,000 bond issue on which there is an unamortized premium of $67,000 is redeemed for $816,000.Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds PayableBonds Payable Premium on Bonds PayablePremium on Bonds Payable Gain on Redemption of BondsGain on Redemption of Bonds CashCash

Redemption of bond means discharging the liability of bond by paying off it in cash or cash…

Answered: Journalize the redemption of the bonds

Business

Accounting

Journalize the redemption of the bonds

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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Question

A $990,000 bond issue on which there is an unamortized premium of $67,000 is redeemed for $816,000.

Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.

		Bonds Payable	Bonds Payable
		Premium on Bonds Payable	Premium on Bonds Payable
		Gain on Redemption of Bonds	Gain on Redemption of Bonds
		Cash	Cash

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