On December 31, a $1,600,000 bond issue on which there is an unamortized discount of $70,500 is redeemed for $1,554,100. Required: Journalize the redemption of the bonds. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On December 31, a $1,600,000 bond issue on which there is an unamortized discount of $70,500 is redeemed for $1,554,100. Required: Journalize the redemption of the bonds. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 31, a $1,600,000 bond issue on which there is an unamortized discount of $70,500 is redeemed for $1,554,100.
Required:
| Journalize the redemption of the bonds. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. |
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