heavenholst4232 heavenholst4232

23-01-2020
Business

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Action Company sells bond investments classified as trading securities for $99,000. The face amount is $100,000; unamortized discount is $2,000. What must be included in the journal entry to record the sale?

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madihaalvi27 madihaalvi27

24-01-2020

Answer:

Cash $99,000

Unamortized discount $2,000

To Gain on redemption of bond $1,000

To bond payable $100,000

Explanation:

As the company has sold the bond it has transferred the unamortized loss to profit and loss.

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