Exercise 10-13 The following are independent situations 1. Longbine Corporation redeemed $130,000 face value, 12%...
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Exercise 10-13 The following are independent situations 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2019, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2019, has been made and recorded Tastove Inc. redeemed $150,000 face value, 12.5% bonds on June 30, 2019, at 98, The carrying value of the bonds at the redemption date was $151,000. The bonds pay annual interest, and the interest payment due on June 30, 2019, has been made and recorded 2. For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 30 2. June 30 Click if you would like to Show Work for this question: Open Show Work
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