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Flint Company had bonds outstanding with a maturity value of $ 2 7 2 , 0 0 0 . On April 3 0 , 2
Flint Company had bonds outstanding with a maturity value of $ On April when these bonds had an unamortized
discount of $ they were called in at To pay for these bonds, Flint had issued other bonds a month earlier bearing a lower
interest rate. The newly issued bonds had a life of years. The new bonds were issued at face value $
Ignoring interest, compute the gain or loss.
Loss on redemption $
Ignoring interest, prepare the two entries to record this refunding transaction. If no entry is required, select No Entry" for the account
titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all
debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
Bonds Payable
Loss on Redemption of Bonds
Discount on Bonds Payable
To record redemption of bonds payable
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