Prepare the journal entry to record the redemption

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Reference no: EM13140128

The balance sheet for Lemay Company reports the following information on July 1, 2008.

Long-term liabilities
Bonds payable $1,290,000
Less: Discount on bonds payable
68,000

$1,222,000

Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2008. (List multiple debit/credit entries in descending order of amount.)

Reference no: EM13140128

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