Grimes Co. issued $5,000,000 of 10 year bonds at face-value on January 1 of the...
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Accounting
Grimes Co. issued $5,000,000 of 10 year bonds at face-value on January 1 of the current year.
1) Assume the bonds are called at 101. Prepare the entry to record the redemption of the bonds.
2) Assume the bonds are purchased on the open market at 98. Prepare the entry to record the redemption of the bonds.
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