The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 1. Debit Credit
The following are two independent situations. 1 2 Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 1. Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following are two independent situations.
1
2
Sandhill Corporation redeemed $135,500 face value, 11% bands on June 30, 2022, at 102. The carrying value of the bonds at
the redemption date was $123,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been
made and recorded.
1.
Tastove Inc. redeemed $142.000 face value, 16.00% bonds on June 30, 2022, at 99. The carrying value of the bonds at the
redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been
made and recorded.
For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are
automatically indented when amount is entered. Do not indent manually)
No. Account Titles and Explanation
Debit
Credit
00000
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