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On January 1, 1982, J Ltd issued 4,000 bonds with face value of $1,000 each and a coupon rate of 5%. The bonds were purchased by investors at a price of $1,030. J incurred costs of $80,000 in issuing the bonds. On January 1, 2002, which was five years prior to the bond’s maturity date, J redeemed the bonds at a call price of $1,080. J also spent $75,000 in calling the bonds. What accounting entries should J make to reflect this early redemption? (Assume that the bonds premium was being written off on a straight-line basis.) |
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