On January 1, 2013, On January 1, 2013, ABC Corp. issued at 95 bonds with a par value of $800,000, due in 20 years. Eight years after the issue date, ABC calls the entire issue at 101 and cancels it. At that time, the unamortized discount is $24,000. Required: Provide the journal entry to record the retirement of the bond and show your calculations for the numbers booked in your journal entry.
On January 1, 2013, On January 1, 2013, ABC Corp. issued at 95 bonds with a par value of $800,000, due in 20 years. Eight years after the issue date, ABC calls the entire issue at 101 and cancels it. At that time, the unamortized discount is $24,000. Required: Provide the journal entry to record the retirement of the bond and show your calculations for the numbers booked in your journal entry.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...
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