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    borkneod's Avatar
    borkneod Posts: 2, Reputation: 1
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    #1

    Aug 3, 2016, 05:05 PM
    Journal Entry for Redemption
    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's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    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's Avatar
    borkneod Posts: 2, Reputation: 1
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    #3

    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
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