REQUIRED: (1) Prepare the journal entry to record the issuance of the bond (DO NOT NEED TO DO THE 4-step process) (2) Determine the amount of the discount/premium that is still not amortized (straight-line) (3) Prepare the journal entry to record the calling of the bond.

REQUIRED: (1) Prepare the journal entry to record the issuance of the bond (DO NOT NEED TO DO THE 4-step process) (2) Determine the amount of the discount/premium that is still not amortized (straight-line) (3) Prepare the journal entry to record the calling of the bond.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Ee.92.

Mateo Company on January 1,2022 issued $450,000, 12-
year, 12%, annual callable bonds for 102%. On December
31, 2026 Mateo redeemed the bonds at 103%.
REQUIRED:
(1) Prepare the journal entry to record the issuance of the
bond (DO NOT NEED TO DO THE 4-step process)
(2) Determine the amount of the discount/premium that
is still not amortized (straight-line)
(3) Prepare the journal entry to record the calling of the
bond.

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