The balance sheet of Indian River Electronics Corporation as of
December 31, 2017, included 10% bonds having a face amount of $90.8
million. The bonds had been issued in 2010 and had a remaining
discount of $3.8 million at December 31, 2017. On January 1, 2018,
Indian River Electronics called the bonds before their scheduled
maturity at the call price of 104.
Required:
Prepare the journal entry by Indian River Electronics to record the
redemption of the bonds at January 1, 2018. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in whole
dollars.)
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