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How do record the redemption of the bonds

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Question - The following section is taken from Sandhill's balance sheet at December 31, 2020.

Current liabilities

Interest payable $37,500

Long-term liabilities

Bonds payable (10%, due January 1, 2024) 375,000

Interest is payable annually on January 1. The bonds are callable on any annual interest date.

Required - Assume that on January 1, 2021, after paying interest, Mareska calls bonds having a face value of $150,000. The call price is 104. How do Record the redemption of the bonds?

Reference no: EM132760698

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