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Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago. a. The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250. b. The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank. Page: 1 1 a. 2 3 DATE ACCOUNT TITLE 4 5 6 b. 7 8 9 DOC. POST. NO. REF. DEBIT CREDIT 0000 0000 H3 + 6000 o 2 5 9

Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago. a. The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250. b. The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank. Page: 1 1 a. 2 3 DATE ACCOUNT TITLE 4 5 6 b. 7 8 9 DOC. POST. NO. REF. DEBIT CREDIT 0000 0000 H3 + 6000 o 2 5 9

FINANCIAL ACCOUNTING
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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Redemption of Bonds Issued at a Discount Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago. a. The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250. b. The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank. Page: 1 1 a. 2 3 4 5 6 b. 7 00 0 DATE ACCOUNT TITLE 8 9 DOC. POST. NO. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9
Transcribed Image Text:Redemption of Bonds Issued at a Discount Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago. a. The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250. b. The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank. Page: 1 1 a. 2 3 4 5 6 b. 7 00 0 DATE ACCOUNT TITLE 8 9 DOC. POST. NO. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9
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