On January 1, 2017, Cullumber Company redeemed $490,000 of bonds at 103. At the time of redemption, the unamortized discount was $16,900 and unamortized bond issue costs were $2,800. Prepare the Cullumber's journal entry to record the reacquisition of the bonds. (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.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2017, Cullumber Company redeemed $490,000 of bonds at 103. At the time of redemption, the unamortized discount
was $16,900 and unamortized bond issue costs were $2,800.
Prepare the Cullumber's journal entry to record the reacquisition of the bonds. (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.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:On January 1, 2017, Cullumber Company redeemed $490,000 of bonds at 103. At the time of redemption, the unamortized discount was $16,900 and unamortized bond issue costs were $2,800. Prepare the Cullumber's journal entry to record the reacquisition of the bonds. (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.) Account Titles and Explanation Debit Credit
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