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The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $5,000,000 Less: Discount on bonds payable 250,000
The balance sheet for Cullumber Consulting reports the following information on July 1, 2020.
| Long-term liabilities | ||||
| Bonds payable | $5,000,000 | |||
| Less: Discount on bonds payable | 250,000 | $4,750,000 |
Cullumber decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020.
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