Shamrock Co. sold $800,000, 9%, 10 year bonds on January 1, 2015. The bonds pay...
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Shamrock Co. sold $800,000, 9%, 10 year bonds on January 1, 2015. The bonds pay interest on January 1. The bonds were sold at 105. On January 1, 2017, when the carrying value of the bonds was $832,000, the company redeemed the bonds at 106.
Prepare the journal entry to record issuance of the bonds on January 1, 2015.
Prepare the journal entry required at December 31, 215.
Prepare the journal entry required at January 1, 2016.
Record the redemption of bonds assuming the interest for the period has already been paid.
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