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14-9 On January 1, 2017, Skysong Corporation redeemed $600,000 of bonds at 99. At the time...

14-9 On January 1, 2017, Skysong Corporation redeemed $600,000 of bonds at 99. At the time of redemption, the unamortized premium was $18,000.

Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)

Account Titles and Explanation

Debit

Credit

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Answer #1
Account Debit Credit
Bonds payable 600,000
Premium on Bonds Payable 18,000
Gain on redemption of bonds 24,000
Cash (600,000*99%) 594,000
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