Redemption of Bonds Issued at a Discount Mutschelknaus Manufacturing sold bonds at a discount for...
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Redemption of Bonds Issued at a Discount Mutschelknaus Manufacturing sold bonds at a discount for $309,200 (discount of $10,300) seven years ago. a. The corporation redeems $24,700 of this issue at 97. The unamortized discount is $330. b. The corporation redeems $29,000 of this issue at 99. The unamortized discount is $490. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank Page: 1 DOC. POST. DEBIT CREDIT NO. REF DATE 1 a. Bonds Payable 2 Discount on Bonds Payable ACCOUNT TITLE 24,700 Gain on Bonds Redeemed Cash 29,000 Bonds Payable Loss on Bonds Redeemed Discount on Bonds Payable Cash 6 b
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