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The balance sheet of Indian River Electronics Corporation as of December 31, 2015, included 12.5% bonds having a face amount of $91.8 million. The bonds
The balance sheet of Indian River Electronics Corporation as of December 31, 2015, included 12.5% bonds having a face amount of $91.8 million. The bonds had been issued in 2008 and had a remaining discount of $4.8 million at December 31, 2015. On January 1, 2016, Indian River Electronics called the bonds before their scheduled maturity at the call price of 105. |
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Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2016. Record the redemption of the bonds. |
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