Business, 23.05.2020 16:59 kaybec2386

Concord Company had bonds outstanding with a maturity value of $311,000. On April 30, 2017, when these bonds had an unamortized discount of $11,000, they were called in at 105. To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $311,000). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds.

Redemption of Old Bonds

Date Accounts DR CR

4-30-17

Issuance of New Bonds

Date Accounts DR CR

3-30-17

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Concord Company had bonds outstanding with a maturity value of $311,000. On April 30, 2017, when the...

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