question a 500 000 bond issue on which there is an unmortized discount of 20 000 is 4305754

question a 500 000 bond issue on which there is an unmortized discount of 20 000 is 4305754

Question

A. 500,000 bond issue on which there is an unmortized discount of $20,000 is redeemed for $475,000

journalize the redemption of the bonds.

a.) Prepare the journal entry to isssue $500,000 bonds that sold for 490,000

b.)prepare the journal entry to issue 500,000 bonds that sold for 515,000

Bonds Payable

500,000

 

Gain on Redemption of Bonds

 

5,000

Discount on Bonds Payable

 

20,000

Cash

 

475,000

 

 

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