Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of $75,000 is redeemed for $795,000. ournalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Gain on Redemption of Bonds x 940,000 70,000 x Premium on Bonds Payable x 75,000 X Cash 795,000 Feedback Check My Work The gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price. A corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds

Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of $75,000 is redeemed for $795,000. ournalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Gain on Redemption of Bonds x 940,000 70,000 x Premium on Bonds Payable x 75,000 X Cash 795,000 Feedback Check My Work The gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price. A corporation usually redeems its bonds at a price different from that of the carrying amount 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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