Your answer is partially correct. Try again. Monty Corp, issued $480,000 of 15-y

Question

Your answer is partially correct. Try again. Monty Corp, issued $480,000 of 15-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $465,600, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bonds Payable 480,000 470,400 Discount on Bonds Payable 14,400 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Account Titles and Explanation Debit Credit Bonds Payable $ 480,000 Loss on Bond Redemption $ 4,800 Discount on Bonds Payable ( 480,000 - $ 465,600) $14,400 Cash ( $ 480,000 * 98%) $ 470,400

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