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Record the entry for redemption of the bonds

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The long-term liability section of a corporation balance sheet as of December 31, 2020 , included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On January 1, 2021 the corporation retired some of the bonds before their scheduled maturity.

Problem 1: The corporation called half the bonds at the call price of 102 (102% of the face amount), Record the entry for redemption of the bonds as of 1/1/2021

Problem 2: The corporation repurchased $10 million of the bonds on the open market at their market of 10.5 million, Record the entry for the redemptions of the bonds as of 1/1/2021

Reference no: EM132669902

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