Question
Pharoah Electric sold $4,040,000,14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds
Pharoah Electric sold $4,040,000,14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at96.
On January 1, 2022, when the carrying value of the bonds was $3,893,400, the company redeemed the bonds at105. Record the redemption of the bonds assuming that interest for the period has already been paid.
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
