On January 1 2017 Teal Corporation redeemed 400000 of bonds

On January 1, 2017, Teal Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000.

Prepare the corporation’s journal entry to record the reacquisition of the bonds. (If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)

Account Titles and Explanation

Debit

Credit

Solution

Answer