At the end of the 6th year, the bonds were redeemed at 99: - Write...
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Accounting
At the end of the 6th year, the bonds were redeemed at 99: - Write the Journal Entry Premium on Bonds Payable Balance: Amortization: $22,941.80 * 6 years = $137,650.80 Account balance: $229,418 137,650.80 = $91,767.20 Bonds Payable Balance 4,000,000 Redemption Price 4,000,000 * 98% = $3,920,000.00 Carrying Value 4,000,000 - 91,767.20 = 3,908,232.80 Loss (Redemption > CV) $11,767.20
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