Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 23rd + Cengagenowv2, 2 Terms Printed Access Card
Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 23rd + Cengagenowv2, 2 Terms Printed Access Card
23rd Edition
ISBN: 9780357252352
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 22, Problem 6SEB

REDEMPTION OF BONDS ISSUED AT A DISCOUNT Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago.

(a) The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250.

(b) The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300.

Prepare journal entries to record the redemption in (a) and (b).

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Bundle: College Accounting, Chapters 1-27, Loose-leaf Version, 23rd + Cengagenowv2, 2 Terms Printed Access Card

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