The balance sheet of Indian River Electronics Corporation as December 31, 2020, included 13% bonds having a face amount of $90.3 million. The bonds had been issued in 2013 and had a remaining discount of $3.3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021.

The balance sheet of Indian River Electronics Corporation as December 31, 2020, included 13% bonds having a face amount of $90.3 million. The bonds had been issued in 2013 and had a remaining discount of $3.3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021.

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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