Do It! Review 10-3b Flounder Corp. issued $448,000 of 14-year bonds at a discoun

Question

Do It! Review 10-3b Flounder Corp. issued $448,000 of 14-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $434,560, the company redeemed the bonds at 99. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work TOF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Account titles & Explanations Debit Credit Bonds payable 448,000 loss on redemption of bonds 8,960 discount on bonds payable (448000-434,560) 13,440 Cash (448000*.99) 443520

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