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Prepare the journal entry to record the retirement

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Reference no: EM132778914

Question - Presented below are two independent situations:

(a) Morten Corporation purchased $480,000 of its bonds on June 30, 2020, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $431,100. The bonds pay annual interest and the interest payment due on June 30, 2020, has been made and recorded.

(b) McEvoy, Inc., purchased $330,000 of its bonds at 96 on June 30, 2020, and immediately retired them. The carrying value of the bonds on the retirement date was $321,000. The bonds pay annual interest and the interest payment due on June 30, 2020, has been made and recorded.

Instructions - For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.

Reference no: EM132778914

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