How to record the redemption of the bonds, Accounting Basics

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How to record the redemption of the bonds

On May 1, 2010, Newby Corp. issued $634,100, 5%, 5-year bonds at face value. The bonds were dated May 1, 2010, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.

Assume that on November 1, 2011, Newby calls the bonds at 101. Record the redemption of the bonds. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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Accounting Basics: How to record the redemption of the bonds

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