Reference no: EM132429347
Question - Presented below are two independent situations:
(a) Hillman Corporation redeemed $150,000 of its bonds on June 30, 2011, at 102 and immediately retired them. The amortized cost of the bonds on the retirement date was $137,700. The bonds pay semi-annual interest and the interest payment due on June 30, 2011, has been made and recorded.
(b) Dalton, Inc. redeemed $200,000 of its bonds at 96 on June 30, 2011, and immediately retired them. The amortized cost of the bonds on the retirement date was $196,500. The bonds pay semi-annual interest and the interest payment due on June 30, 2011, has been made and recorded.
Instructions - For each of the independent situations, prepare the journal entry to record the redemption of the bonds before maturity.
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