Construct the entry to record the redemption of the bonds

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Reference no: EM131830755

Question: 1.Smiley Corporation issues $300,000 of bonds for $315,000.

(a) Prepare the journal entry to record the issuance of the bonds, and

(b) show how the bonds would be reported on the balance sheet at the date of issuance.

2. Farmland Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $388,000, the company redeemed the bonds at 99. Prepare the entry to record the redemption of the bonds.

Reference no: EM131830755

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