Prepare the journal entry to record the redemption of bonds, Financial Accounting

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Prepare the journal entry to record the redemption of bonds

Problem

The balance sheet of River Electronics Corporation as of December 31, 2023, included 13.00% bonds having a face amount of $90.3 million. The bonds had been issued in 2016 and had a remaining discount of $3.3 million at December 31, 2023. On January 1, 2024, River Electronics called the bonds before their scheduled maturity at the call price of 102.

Task

Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024.

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Financial Accounting: Prepare the journal entry to record the redemption of bonds

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Financial Accounting: Prepare the journal entry to record the redemption of bonds

Reference No:- TGS03259190

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