Question
Early Retirement of Bonds Elston Company issued 5500.000 of eight percent. 20year bonds at 106 on January 1. 2010. Interest is payable semiannually on July
Early Retirement of Bonds Elston Company issued 5500.000 of eight percent. 20•year bonds at 106 on January 1. 2010. Interest is payable semiannually on July 1 and January 1. Through January 1. 2016, Elston amortized $5,000 of the bond premium. On January 1. 2016. Elston retired the bonds at 103 (after making the interest payment on that date). Prepare the Journal entry to record the bond retirement on January 1, 2016.
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The required Journal entry is Jan 1 Bonds payable 500000 Pr...
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Financial Accounting with IFRS Fold Out Primer
Authors: John Wild
5th edition
978-0077408770, 77408772, 978-0077413804
