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The balance sheet for Tiffany Company reports the following information on July 1, 2007.

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The balance sheet for Tiffany Company reports the following information on July 1, 2007.;TIFFANY COMPANY;Balance Sheet (partial);Long-term liabilities;Bonds payable $1,000,000;Less: Discount on bonds payable;30,000;$970,000;Tiffany decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2007

 

Paper#25484 | Written in 18-Jul-2015

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