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Help please! Brief Exercise 14-9 Your answer is partially correct. Try again. On January 1, 2017, Sheridan Corporation redeemed $550,000 of bonds at 98. At
Help please!
Brief Exercise 14-9 Your answer is partially correct. Try again. On January 1, 2017, Sheridan Corporation redeemed $550,000 of bonds at 98. At the time of redemption, the unamortized premium was $16,500. Prepare the corporation's journal entry to record the reacquisition of the bonds. (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 is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548.) Account Titles and Explanation Debit Credit Bonds Payable 550,000 Premium on Bonds Payable 16,500 Gain on Redemption of Bonds Cash 533,500Step by Step Solution
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