A $490,000 bond issue on which there is an unamortized discount of $34,000 is redeemed for...

Question

Question

A $490,000 bond issue on which there is an unamortized discount of $34,000 is redeemed for $473,000. Journalize the redemptio

business accounting

Answer 1

Answer #1

Answer
Journal Entry

Account Titles and Explanation	Debit	Credit
Bonds Payable	$ 490,000
Loss on Redemption of Bonds ($490000-$473000-$34000)	$ 17,000
Cash		$ 473,000
Discount on Bonds Payable		$ 34,000
(To record the redemption of bonds payable with Loss )

Answer 2

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