On April 1, 2021, Harrison Limited issued $18,000,000 of 8%, 15-year bonds, with interest paid annually on April 1 of each year. The bonds were scheduled to mature on April 1, 2036. The bonds were issued at a price of 101.5 and Harrison used the straight-line method to amortize the premium or discount related to the bonds. On April 2, 2030 (immediately after the interest payment for that year), Harrison repurchased one half of the bonds for their market value at that time. The quoted market price of the bonds on that date was 99.1.

Required:

Prepare the journal entry to record the repurchase of one half of the bonds on April 2, 2030. Show all calculations and round your answers to the nearest whole dollar.

Question 24 (8 points) Saved On April 1, 2021, Harrison Limited issued $18,000,000 of 8%, 15-year bonds, with interest paid annually on April 1 of each year. The bonds were scheduled to mature on April 1, 2036. The bonds were issued at a price of 101.5 and Harrison used the straight-line method to amortize the premium or discount related to the bonds. On April 2, 2030 (immediately after the interest payment for that year), Harrison repurchased one half of the bonds for their market value at that time. The quoted market price of the bonds on that date was 99.1. Required: Prepare the journal entry to record the repurchase of one half of the bonds on April 2, 2030. Show all calculations and round your answers to the nearest whole dollar. Format u Accounts Explanations are not required Debits Credits Show calculations here