Brief Exercise 14-9On January 1, 2017, Flounder Corporation redeemed $410,000 of bonds at 97. At the time of redemption, the unamortized premium was $12,300. Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Account Titles and ExplanationDebitCredit

Financial Accounting: The Impact on Decision Makers
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Chapter7: Receivables And Investments
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Problem 7.10E
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Brief Exercise 14-9
On January 1, 2017, Flounder Corporation redeemed $410,000 of bonds at 97. At the time of redemption, the unamortized premium was $12,300.

Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)

Account Titles and Explanation
Debit
Credit

 

 

 

 

 

 

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