Journal entry of bond redemption

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Reference no: EM1357010

The balance sheet for Reading Company reports the following information on July 1, 2010.

READING COMPANY

Balance Sheet (partial)

Long-term liabilities

Bonds payable $2,000,000

Less: Discount on bonds payable 30,000

$1,970,000

Reading decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2010. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Jul 1 Date Account/Description/ Debit/ Credit

Reference no: EM1357010

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