The long-term liability section of Eastern Post Corporations balance sheet as of December 31,2023, included...
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Accounting
The longterm liability section of Eastern Post Corporations balance sheet as of December included bonds having a face amount of $ million and a remaining premium of $ million. On January Eastern Post retired some of the bonds before their scheduled maturity.
Required:
Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below:
Eastern Post called half the bonds at the call price of of face amount
Eastern Post repurchased $ million of the bonds on the open market at their market price of $ million.
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