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The balance sheet of Indian River Electronics Corporation as of December 31, 2010, included 12.25% bonds having a face amount of $90 million. The bonds
The balance sheet of Indian River Electronics Corporation as of December 31, 2010, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2003 and had a remaining discount of $3 million at December 31, 2010. On January 1, 2011, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2011. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.) CR. DR. Bonds Payable $90,000,000 Loss on early Extinguishment $????? Cash ????? Discount on Bonds Payable $3,000,000 I can't figure out the loss and cash amounts. If someone could help that'd be great
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