Redemption of Bonds Payable A $920,000 bond issue on which there is an unamortized premium of...

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Question

Redemption of Bonds Payable

A $920,000 bond issue on which there is an unamortized premium of $60,000 is redeemed for $823,000.

Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.

Answer 1

Answer #1

Carrying value of bond= face value + unamortized premium

= 920000 + 60000

= $ 980,000

Gain on redemption of bond = 980000 - 823000

= $157,000

Journal entry for redemption of bonds:

Bonds payable	$920,000
Premium on bonds payable	$60,000
Gain on redemption of bonds payable		$157,000
Cash		$823,000
(To record redemption of bonds)

Answer 2

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