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Prepare the journal entry to record the redemption on july

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Reference no: EM13581388

The balance sheet for Claremont Company reports the following information on July 1, 2012.

CLAREMONT COMPANY
Balance Sheet (partial)
Long-term liabilities



  Bonds payable
$2,000,000

  Less: Discount on bonds payable
45,000
$1,955,000

 

Claremont decides to redeem these bonds at 102 after paying annual interest.

Prepare the journal entry to record the redemption on July 1, 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM13581388

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