A $1,000,000 bond issue on which there is an unamortized premium of $63,000 is redeemed for...
A $1,000,000 bond issue on which there is an unamortized premium of $63,000 is redeemed for $792,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
Homework Answers
| Account Titles and explanation | Debit | Credit |
| Bonds payable | $1000000 | |
| Premium on bonds payable | 63000 | |
| Cash | 792000 | |
| Loss on redemption of bonds | 271000 |
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