The following are independent situations.
1. Pina Colada Corp. redeemed $120,300 face value, 1...
Business, 05.05.2020 05:26 antoninapride
The following are independent situations.
1. Pina Colada Corp. redeemed $120,300 face value, 12% bonds on June 30, 2020, at 108. The carrying value of the bonds at the redemption date was $110,300. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded.
2. Cullumber Company redeemed $147,000 face value, 11% bonds on June 30, 2020, at 94. The carrying value of the bonds at the redemption date was $148,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded.
Required:
For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds.
Answers: 3
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