Homework Answers
| The entry for the redemption will be: | ||
| Bonds payable | $ 4,00,000 | |
| Loss on bond redemption | $ 23,000 | |
| Discount on bonds payable | $ 15,000 | |
| Cash [400000*102%] | $ 4,08,000 | |
| Answer: | ||
| Credit of $15,000 to discount on bonds payable |
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