REDEMPTION OF BONDS ISSUED AT A PREMIUM Brighton Unlimited sold bonds at a premium for $630,000 (premium of $30,000) eight years ago. (a) The corporation redeems $60,000 of this issue at 98. The unamortized premium is $600. (b) The corporation redeems $90,000 of this issue at 102. The unamortized premium is $900. Prepare journal entries to record the redemption in

Chapter 22, EXERCISES SERIES A #5

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REDEMPTION OF BONDS ISSUED AT A PREMIUM Brighton Unlimited sold bonds at a premium for $630,000 (premium of $30,000) eight years ago.

(a) The corporation redeems $60,000 of this issue at 98. The unamortized premium is $600.

(b) The corporation redeems $90,000 of this issue at 102. The unamortized premium is $900.

Prepare journal entries to record the redemption in (a) and (b).


Corporation
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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Authors: Heintz and Parry

ISBN: 978-0538745192