REDEMPTION OF BONDS ISSUED AT A DISCOUNT Medina Optical Supply sold bonds at a discount for $420,000
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REDEMPTION OF BONDS ISSUED AT A DISCOUNT Medina Optical Supply sold bonds at a discount for $420,000 (discount of $20,000) eight years ago.
(a) The corporation redeems $25,000 of this issue at 94. The unamortized discount is $250.
(b) The corporation redeems $30,000 of this issue at 101. The unamortized discount is $300.
Prepare journal entries to record the redemption in (a) and (b).
CorporationA 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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