REDEMPTION OF BONDS ISSUED AT A PREMIUM Miller & Miller sold bonds at a premium for $525,000
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REDEMPTION OF BONDS ISSUED AT A PREMIUM Miller & Miller sold bonds at a premium for $525,000 (premium of $25,000) eight years ago.
(a) The corporation redeems $50,000 of this issue at 95. The unamortized premium is $500.
(b) The corporation redeems $75,000 of this issue at 103. The unamortized premium is $750.
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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