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Buffalo Company had bonds outstanding witha maturity value of $288,000. On April 30, 2025, when these bonds had an unamortized discount of $10,000, they were
Buffalo Company had bonds outstanding witha maturity value of $288,000. On April 30, 2025, when these bonds had an unamortized discount of $10,000, they were called in at 105. To pay for these bonds. Buffalo had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $288,000 ). Ignoring interest, compute the gain or loss. on redemption $ Ignoring interest, prepare the two entries to record this refunding transaction. (ff no entryis required, select "No Entry" for the occount titles and enter 0 for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manuall y List all debit entries before credit entries)
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