11. (4 points) Concord Company had bonds outstanding with a face value of $400,000. On April...

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11. (4 points) Concord Company had bonds outstanding with a face value of $400,000. On April 30, 2017, when these bonds had an unamortized discount of $35,000, they were called in at 103. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $400,000). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds. 11. (4 points) Concord Company had bonds outstanding with a face value of $400,000. On April 30, 2017, when these bonds had an unamortized discount of $35,000, they were called in at 103. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $400,000). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds.

Answer rating: 100% (QA)

To record the redemption of the old bonds and the issuance of the new bonds the followin... View the full answer