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Prepare the journal entry to record the redemption on July

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Question - The balance sheet for Sunland Consulting reports the following information on July 1, 2020.

Long-term liabilities Bonds payable $2,200,000

Less: Discount on bonds payable 110,000 $2,090,000

Sunland decides to redeem these bonds at 105 after paying annual interest.

Required - Prepare the journal entry to record the redemption on July 1, 2020.

Reference no: EM132530147

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