Help I S Do It! Review 10-3b Sarasota Corp. Issued s520,000 of 13-year bonds at

Question

Help I S Do It! Review 10-3b Sarasota Corp. Issued s520,000 of 13-year bonds at a discount. Prior to maturty, when the carying value of the bonds was $504,400, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. Account Titles and Explanation (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts:

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Bonds payable 520000 Loss on redemption of bonds payable 5200 Discount on bonds payable 15600 Cash (520000*98/100) 509600 (To record redemption on bonds payable)

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