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What would the balance sheet section for bonds

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Reference no: EM132505494

Use the following information extracted from the books of Acme Company on November 30:

Bonds Payable 780,000

Premium on Bonds 2,637

  • At that date, the company retired one quarter of the bonds, paying $195,250.

Required:

Question a. What journal entry would be made at the date of retirement?

Question b. What would the balance sheet section for bonds look like after retirement of the bonds?

Reference no: EM132505494

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