Brief Exercise 14-9 On January 1, 2017, Sandhill Corporation redeemed $590,000 o

Question

Brief Exercise 14-9

On January 1, 2017, Sandhill Corporation redeemed $590,000 of bonds at 98. At the time of redemption, the unamortized premium was $17,700.

Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Bonds payable 590000 Premium on Bonds payable 17700          Cash 578200           Gain on redemption of bonds 29500

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