Question
On January 1, 2008, Marshall Corp. issued $8,000,000 face value 20-year bonds at 101. Bond issuance costs total $40,000. The bonds pay interest semi-annually on
On January 1, 2008, Marshall Corp. issued $8,000,000 face value 20-year bonds at 101. Bond issuance costs total $40,000. The bonds pay interest semi-annually on Jan 1 and Dec 1. Marshall uses straight-line amortization. On Jan 1, 2016, Marshall calls the entire issue at 103 and cancels it.
Required: Prepare the journal entry for this bond redemption on Jan 1, 2016.
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CISA Certified Information Systems Auditor All In One Exam Guide
Authors: Peter H. Gregory
4th Edition
1260458806, 978-1260458800
