The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Marigold Corp. redeemed $128,000 face value, 9% bonds on April 30, 2022, at 101. The carrying value of the bonds at the redemption date was $115,584. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded.

Apr 30

Dr Bonds payable128,000

Dr Loss on redemption of bonds payable13,696

Cr Discount on bonds payable 12,416

Cr Cash 129,280

Explanation:

Preparation of the appropriate journal entry for the redemption of the bonds.

Based on the information given the the appropriate journal entry for the redemption of the bonds will be :

Apr 30

Dr Bonds payable128,000

Dr Loss on redemption of bonds payable13,696

[128,000-(129,280+12,416)]

Cr Discount on bonds payable 12,416

(128,000-$115,584)

Cr Cash 129,280

(128,000*1.01)

(Being to record the redemption of the bonds)

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