Verizon 7-39 PM v2.cengagenow.com Cengage CengageNOWv2 I Online teaching and lea

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Verizon 7-39 PM v2.cengagenow.com Cengage CengageNOWv2 I Online teaching and learning resource from Cengage Learning Chapter 11 Homework Bonds Payable Comect Paid the interest on the year , No. , Interest Expense y -aaee Cash Called the bond issue99, the rate provided n the bond indenture. Cont entry for payment of interest.) For compound transaction, if an amount box does not require an entry, leave it blank. Year S Nov.1 Bods Payable Gain on Redemption of Bonds Cash The gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price. A corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds. Learning Objective 2 PreviousNext Assignment Score: 99.11% work saved

Explanation / Answer

Journal Entry would be as follows:

Yr 5 nov 1 particulars Dr Cr

Bonds Payable 18,000,000

Gain on Redemption of Bonds 180,000

Cash 17,820,000

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