Retiring bonds payable [10-15 min]
Villain Industries reported the following at September 30:
Long-term liabilities: | ||
Callable bonds payable ......... | $ 250,000 | |
15,000 | $ 235,000 | |
Requirements
1. Journalize retirement of half of the bonds on October 1 at the market price of 93.
2. Journalize retirement of the remaining half of the bonds on October 1 at the call price of 101.
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