Bramble Corp. redeemed $118,000 face value, 9% bonds on April 30, 2022, at 102. The carrying value of the bonds at the redemption date was $106,554. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.
Required:
Prepare the appropriate journal entry for the redemption of the bonds.

But before that the following calculations needs to be done

Cash = face value × 102%

= $118,000 × 102% = $120,360

Now  

Loss on bond is

= $120,360 - $106,554

= $13,806

Now  

Discount payable on bonds

=  $118,000 - $106,554

= $11,446

Now  

Interest expense = $118,000 × 9%

= $10,620

Finally, the journal entries are:

On Apr.30  

Bonds Payable  A/c Dr $118,000  

Loss on bonds A/c Dr. $13,806  

                          To Cash A/c $120,360

                          To Discounts payable A/c $11,446  

(Being redemption of  bonds at 102 is recorded)          

Interest expense A/c Dr $10,620  

                 To bond interest A/c $10,620  

( Being bond interest is recorded)

Bond Interest A/c Dr $10,620

                 To cash A/c $10,620  

( Being bond interest payment is recorded)

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The journal entry is shown below:

Explanation:

According to the scenario, the computation for the given data are as follows:

Cash = face value × 102%

= $118,000 × 102% = $120,360

Loss on bond = $120,360 - $106,554 = $13,806

Discount payable on bonds =  $118,000 - $106,554 = $11,446

Interest expense = $118,000 × 9% = $10,620

So, the journal entry for the given data are as follows:

Apr.30  Bonds Payable  A/c Dr $118,000

              Loss on bonds A/c Dr. $13,806

              To Cash A/c $120,360

              To Discounts payable A/c $11,446

              (Being redemption of  bonds at 102 is recorded)

                  Interest expense A/c Dr $10,620

                  To bond interest A/c $10,620

              ( Being bond interest is recorded)

                  Bond Interest A/c Dr $10,620

                  To cash A/c $10,620

              ( Being bond interest payment is recorded)

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