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Prepare the journal entry to record the redemption of bonds

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Reference no: EM132756563

Question - Crane Company issued $2,050,000 of bonds on January 1, 2020.

The journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 97, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

1. Cash 2050000

Bonds Payable 2050000

2. Cash 1988500

Discount on bonds payable 61500

Bonds Payable 2050000

3. Cash 2152500

Premium on bonds payable 102500

Bonds payable 2050000

Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100.

Reference no: EM132756563

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