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Exercise 14-15 Shamrock Company had bonds outstanding with a maturity value of $2998,000. On April 30, 2017, when these bonds had an unamartized discount of
Exercise 14-15 Shamrock Company had bonds outstanding with a maturity value of $2998,000. On April 30, 2017, when these bonds had an unamartized discount of $10,000, they were called in at 104. To pay for these bonds, Shamrock 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 101 (face value $298,000). Ignoring interest, compute the gain or loss. Loss on redemption g t indent manualiy efunding transaction. (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 entered. Account Titles and Explanation Debit Credit o record redemption of bonds payabk) CTo record issuance of new bonds)
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