Homework Answers
Solution:
| Journal Entries - Pharoah Company | |||
| Date | Particulars | Debit | Credit |
| 1-Jul | Bond Payable Dr | $1,700,000.00 | |
| Loss on redemption of bonds Dr | $157,250.00 | ||
| To Cash | $1,819,000.00 | ||
| To Discount on bond payable | $38,250.00 | ||
| (To record retirement of bond) | |||
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