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Prepare the journal entries to record the bond retirement

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Reference no: EM132803927

Kakayanin Ko Pa Corporation issued P800, 000 of 12% face value bonds for P851, 705.70. The bonds were dated and issued on April 1, 2016, are due MARCH 31, 2020, and pay interest semi-annually on September 30 and March 31. The company sold the bonds to yield 10%.

Requirements:

Problem a. Prepare the bond interest expense and premium amortization schedule using the effective interest method.

Problem b. Assume the company retires the bonds on June 30, 2017, at 102 plus accrued interest. Prepare the journal entries to record the bond retirement.

Reference no: EM132803927

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