Question
The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.75% bonds having a face amount of $90.6 million. The bonds
The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.75% bonds having a face amount of $90.6 million. The bonds had been issued in 2013 and had a remaining discount of $3.6 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103.
| No | Date | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | January 01, 2021 | Bonds payable | 90,600,000 | |
| Loss on early extinguishment | ||||
| Discount on bonds payable | ||||
| Cash |
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Options Trading For Beginners
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