Business, 14.04.2020 17:50 ivetter5333

The following are independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2020, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $150,000 face value, 12.5% bonds on June 30, 2020, at 98. The carrying value of the bonds at the redemption date was $151,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds.

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The following are independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12%...