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The statement of financial position for Prism Consulting reports the following information on July 1, 2014. Non-current liabilities Bonds payable 960,000 Prism decides to redeem
The statement of financial position for Prism Consulting reports the following information on July 1, 2014.
Non-current liabilities
Bonds payable 960,000
Prism decides to redeem these bonds at 101 (face value of bonds 1,000,000) after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2014.
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