Prepare the journal entry to record the redemption on july

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The balance sheet for Carla Vista Consulting reports the following information on July 1, 2020.

Long-term liabilities

Bonds payable $1,700,000

Less: Discount on bonds payable 85,000 $1,615,000

Carla Vista decides to redeem these bonds at 101 after paying annual interest.

Problem 1: Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132702055

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