REDEMPTION OF BONDS ISSUED AT A DISCOUNT Martinez Manufacturing sold bonds at a discount for $240,000 (discount
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REDEMPTION OF BONDS ISSUED AT A DISCOUNT Martinez Manufacturing sold bonds at a discount for $240,000 (discount of $10,000) seven years ago.
(a) The corporation redeems $25,000 of this issue at 96. The unamortized discount is $375.
(b) The corporation redeems $20,000 of this issue at 99. The unamortized discount is $300.
Prepare journal entries to record the redemption in (a) and (b).
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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