FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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Transcribed Image Text: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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