Question
The December 31, 2020, balance sheet of Ming Inc. included 12% bonds with a face amount of $100,000. The bonds were issued in 2008 and
The December 31, 2020, balance sheet of Ming Inc. included 12% bonds with a face amount of
$100,000. The bonds were issued in 2008 and had a remaining discount of $3,400 at
December 31, 2020. On January 1, 2021, Ming called the bonds at a price of 102.
Required:
Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2021.
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Financial accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
9th edition
978-0132751216, 132751127, 132751216, 978-0132751124
