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Record the redemption of the bonds

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Question - Shonrock Co. sold R$850,000, 10%, 6-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The bonds were sold at 110.

Required -

(a)  Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

(b)  At December 31, 2017, the amount of amortized bond premium is R$8,000. Show the statement of fi nancial position presentation of the bond liability at December 31, 2017.

(c)  On January 1, 2019, when the carrying value of the bonds was R$800,000, the company redeemed the bonds at 106. Record the redemption of the bonds, assuming that interest for the period has already been paid.

Reference no: EM133026508

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