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Record the redemption of the bonds

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Problem - Electric sold $4,660,000, 13%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The bonds were sold at 98.

On January 1, 2019, when the carrying value of the bonds was $4,582,800, the company redeemed the bonds at 103. Record the redemption of the bonds assuming that interest for the period has already been paid.

Reference no: EM131632892

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