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journal entries for when bonds are called
Bonds at 400,000, callable at 102, with a remaining 10 year term, and interest payable semiannually. The bonds are currently valued on the books at 384000, and the company has already made interest payments and adjustments for amortization of any premium or discount. Similar bonds can be marketed currently at 10% and would sell at par.
Give journal entries to retire the old debt and issue $400,000 of new 10% bonds at par. |
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