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The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 1. Debit Credit

The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 1. Debit Credit

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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The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. 1. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 00000
Transcribed Image Text:The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. 1. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 00000
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