On January 1, 2017, Sheffield Corporation redeemed $460,000 of bonds at 98. At t

Question

On January 1, 2017, Sheffield Corporation redeemed $460,000 of bonds at 98. At the time of redemption, the unamortized premium was $13,800.

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

Account Titles Debit Credit Bonds Payable 460000 Premium on Bonds 13800 Cash 450800 Gain on retirement of bonds 23000

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