Ritter company issues 600000 of 10 10-year bonds on, Ask an Expert

Accounting

Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.

1) Show the balance sheet presentation of the bonds at December 31, 2008.

2) Assume on July 1 2008, after paying interest, ritter calls bonds having a face value of $300,000. The call price is 101. Record the redemption of the bond.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9414269

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