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borkneod
Aug 3, 2016, 05:05 PM
Reever Corporation issued $2,000,000 of bonds on January 1 2003. The bonds mature in 2 years and pay 9% interest semi-annually. The bonds were issued at 97.

Record the journal entry when the bonds are redeemed 2 years later at 101.

Please help and explain!

smoothy
Aug 4, 2016, 12:36 PM
This is your homework assignment. Site rules require you to show us your work, and what you have right or wrong, we don't do your work so you don't have to.

borkneod
Aug 4, 2016, 04:14 PM
Sorry about that! What I have so far is, but I'm not sure how to find the last 3

DR Bonds Payable 2,000,000
DR Discount on Bonds Payable
CR Gain on Bond Redemption
CR Cash