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A $300,000 bond was redeemed at 98 when the carrying value of the bond was $296,000. The entry to record the?

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A $300,000 bond was redeemed at 98 when the carrying value of the bond was $296,000. The entry to record the?

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  1. Dr  Bond payable $300,000

    Cr  Bond discount $4,000

    Cr  Cash $294,000 ($300,000 x 0.98)

    Cr  Gain on redemption of bond $2,000

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