Question
On January 1, 2017, TT issued 12% bonds with a face amount of $1,000,000, and the bonds sold for $966,130. The bonds specified a call
On January 1, 2017, TT issued 12% bonds with a face amount of $1,000,000, and the bonds sold for $966,130. The bonds specified a call price of $981,000. The bonds were issued previously at a price to yield 14%. TT called the bonds (retire them) on July 1, 2017.
Instructions
Prepare the necessary journal entries on July 1, 2017 (Show all of your works including any calculations).
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
