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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Subject: acounting

Transcribed Image Text:Bramble Corporation had bonds outstanding with a maturity value of $490,000. On April 30, 2023, when these bonds had an
unamortized discount of $11,000, they were called in at 103. To pay for these bonds, Bramble had issued other bonds a month earlier
bearing a lower interest rate. The newly issued bonds had a life of 11 years. The new bonds were issued at 102 (face value $490,000).
Issue costs related to the new bonds were $3,200. All issue costs were capitalized. Bramble prepares financial statements in
accordance with IFRS.
Ignoring interest, calculate the gain or loss and record this refunding transaction. (Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all
debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
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