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Current Attempt in Progress Grouper Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2020, when these bonds had an unamortized
Current Attempt in Progress Grouper Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2020, when these bonds had an unamortized discount of $12,000, they were called in at 104. To pay for these bonds, Grouper had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 12 years. The new bonds were issued at 103 (face value $550,000). Issue costs related to the new bonds were $2,400. All issue costs were capitalized. Grouper prepares financial statements in accordance with IFRS. Ignoring interest, calculate the gain or loss and record this refunding transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation April 30, 2020 March 31, (To record redemption of bonds payable) 2020 (To record issuance of new bonds) Debit Credit
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