On January 1, 2013, On January 1, 2013, ABC Corp. issued at 95 bonds with a par value of $800,000, due in 20 years. Eight years after the issue date, ABC calls the entire issue at 101 and cancels it. At that time, the unamortized discount is $24,000. Required: Provide the journal entry to record the retirement of the bond and show your calculations for the numbers booked in your journal entry.

On January 1, 2013, On January 1, 2013, ABC Corp. issued at 95 bonds with a par value of $800,000, due in 20 years. Eight years after the issue date, ABC calls the entire issue at 101 and cancels it. At that time, the unamortized discount is $24,000. Required: Provide the journal entry to record the retirement of the bond and show your calculations for the numbers booked in your journal entry.

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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