XYZ Corporation produces and sells smartphone cases. On March 31, XYZ Corporation had the following accounts and balances:

            Bonds payable                        $140,000

            Discount on bonds payable          3,000

On that day, XYZ Corporation redeemed a quarter of the bonds in the market at 101.

Prepare the journal entry to record the redemption. Show your calculation in the space provided below the journal entry lines for any credit to be awarded. Round to the nearest whole dollar when necessary.

Answer rating: 100% (QA)

Solution Journal Entry Debit Cash 101000 Debit Discount on Bonds Payable ... View the full answer