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please solve! On January 2, 2020, Bridgeport Corporation issued $1,400,000 of 10% bonds at 96 due December 31,2029 . Interest on the bonds is payable
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On January 2, 2020, Bridgeport Corporation issued $1,400,000 of 10% bonds at 96 due December 31,2029 . Interest on the bonds is payable annually each December 31 . The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method?) The bonds are callable at 101 (ie, at 101\% of face value), and on January 2.2025, Bridgeport called $840.000 fsce value of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if amy, to be recognized by Bridgeport as a result of retiring the 5840.000 of bonds in 2025, (Round answer to O decimal places, es. 38.548.) Loss on redemption 5 Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, es. 38,548. if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are outomotically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Prepare the journat entry to record the redemption. (Round answers to 0 decimal places, es. 38,548 . If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries Step by Step Solution
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