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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Managerial Accounting
Authors: James Jiambalvo
6th edition
9781119158226, 111915801X, 1119158222, 978-1119158011
