Villain Industries reported the following at September 30: Requirements 1. Journalize retirement of half of the bonds

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Villain Industries reported the following at September 30:

Long-term liabilities: Callable bonds payable Less: Discount on bonds payable .. 250,000 15,000 $ 235,000

Requirements
1. Journalize retirement of half of the bonds on October 1 at the market price of 93.
2. Journalize retirement of the remaining half of the bonds on October 1 at the call price of101.

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 05:56 AM

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Villain Industries reported the following at September 30: Requirements 1. Journalize retirement of half of the bonds

Question:

Long-term liabilities: Callable bonds payable Less: Discount on bonds payable .. 250,000 15,000 $ 235,000

Step by Step Answer:

Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBIT CREDIT Oct 1 Bonds payable ...View the full answer

Financial and Managerial Accounting

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