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The December 31, 2020, balance sheet of Ming Inc. included 8% bonds with a face amount of $99 million. The bonds were issued in
The December 31, 2020, balance sheet of Ming Inc. included 8% bonds with a face amount of $99 million. The bonds were issued in 2008 and had a remaining discount of $3,300,000 at December 31, 2020. On January 1, 2021, Ming called the bonds at a price of 103. Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 Record the retirement of the bonds on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit 99,000,000 Credit January 01, 2021 Bonds payable Record entry Clear entry View general journal
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