A $525,000 bond issue on which there is an unamortized discount of $38,000 is redeemed for...

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A $525,000 bond issue on which there is an unamortized discount of $38,000 is redeemed for $473,000. Journalize the redemptio

Answer 1

Answer #1

Journal Entry for recording the redemption of bonds:

Account Titles and Explanation	Debit	Credit
Bonds Payable	$525,000
Cash		$473,000
Discount on Bonds Payable		$38,000
Gain on Redemption of Bonds ($525,000 - $473,000 - $38,000)		$14,000
(To record the redemption of bonds payable with gain)

Answer 2

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