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the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.

the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2005 and had a remaining discount of $3 million at December 31, 2012. On January 1, 2013, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2013.

This question was asked on Jan 27, 2013.

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