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The situations presented here are independent of each other. For each situation, prepare the appropriate...

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Accounting

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The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. (a) Your answer is correct. Indigo Corporation redeemed $154,000 face value, 11% bonds on April 30, 2022, at 104. The carrying value of the bonds at the redemption date was $139,062. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 30 Bonds Payable 154,000 Loss on Bond Redemption 21,098 Discount on Bonds Payable 14938 Cash 160,180 e Textbook and Media (b) A Teal Mountain, Inc redeemed $177,000 face value, 13.0% bonds on June 30, 2022, at 95. The carrying value of the bonds at the redemption date was $191.160. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account tities are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jun. 30 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit

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