The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.5% bonds...
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The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.5% bonds having a face amount of $90.5 million. The bonds had been issued in 2013 and had a remaining discount of $3.5 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Record the redemption of the bonds. The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.5% bonds having a face amount of $90.5 million. The bonds had been issued in 2013 and had a remaining discount of $3.5 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Record the redemption of the bonds.
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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