Prepare the journal entry by Indian River Electronics

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Question - The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 10.5% bonds having a face amount of $91.0 million. The bonds had been issued in 2013 and had a remaining discount of $40 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January1, 2021.

Reference no: EM132814673

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