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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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