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Make the journal entry for the redemption of the bonds

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Reference no: EM132761551

On January 1, 2021, Oriole Ltd. issued bonds with a maturity value of $6,900,000 when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year-end is December 31.

Problem 1. Record the payment of interest on January 1, 2022.

Problem 2. The bonds were redeemed on January 1, 2023 (after the interest had been paid and recorded) at 102. Prepare the journal entry for the redemption of the bonds.

Reference no: EM132761551

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