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The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2015, included 10% bonds having a face amount of $40 million
The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2015, included 10% bonds having a face amount of $40 million and a remaining premium of S6 million. On January 1, 2016, Easten Post retired some of the bonds before their scheduled maturity. Required: Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below: 1. Eastern Post called half the bonds at the call price of 102 (102% of face amount. (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 Record the redemption of the bonds. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2015 Record entry Clear entry View general journal
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