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On January 1,2023, Kingbird Bell Corp. issued bonds with a par value of $801,000 at...

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Accounting

On January 1,2023, Kingbird Bell Corp. issued bonds with a par value of $801,000 at 98(which is net of issue costs), due in 20 years. Eight years after the issue date, the entire issue is called at 102 and cancelled. Assume the straight-line amortization method has been used (for simplicity).
Prepare the journal entry to reflect the reacquisition of the bond. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g.5,275.)
Account Titles
Debit
Credit
image

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