How do I journalize this entry for a bond?
A $ 485,000 bond issue on which there is an unamortized discount of $ 33,000 is redeemed for $ 470,000. Journalize the redemption of the bonds.
Bond best answer:
Answer by 8055
DR Bonds Payable $ 485,000
DR Unamortized Discount $ 33,000
CR Cash $ 470,000
CR Gain on Redemption $ 48,000
Bond
Customs Bond
Image by the Magnificent Octopus
The back of an old bonded warehouse on Elbe Street in Leith, now in use as a "Georgian Antiques" business.
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