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

Question
Asked Apr 29, 2019

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

 

 

 

 

 

 

check_circleExpert Solution
Step 1

Calculate the amount of cash paid to redeem the bond.

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Step 2

Calculate the gain or loss ...

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