A $300K bond was redeemed at 98 when the carrying value of the bond was $292K.  The Journal entry for the redemption would include a: (Please provide full journal entry) A)Loss on bond redemption of $4K B)Gain on bond redemption of $4K C)Loss on bond redemption of $2K

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 10EB: Piedmont Corporation issued $200,000 of 10-year bonds at par. The bonds have a stated rate of 6% and...
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A $300K bond was redeemed at 98 when the carrying value of the bond was $292K.  The Journal entry for the redemption would include a:

(Please provide full journal entry)

A)Loss on bond redemption of $4K

B)Gain on bond redemption of $4K

C)Loss on bond redemption of $2K

A $300,000 bond was redeemed at 98 when
the carrying value of the bond was
$292,000. The journal entry for the
redemption would include a
Transcribed Image Text:A $300,000 bond was redeemed at 98 when the carrying value of the bond was $292,000. The journal entry for the redemption would include a
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