Make journal entry to record the retirement of the bonds, Finance Basics

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Make journal entry to record the retirement of the bonds

Question: A company previously issued USD 2,000,000, ten percent bonds, receiving a USD 120,000 premium. On the current year’s interest date, after the bond interest was paid & after 40 percent of the total premium had been amortized, the company purchased the entire bond issue on the open market at 98 & retired it. Make journal entry to record the retirement of these bonds.

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Finance Basics: Make journal entry to record the retirement of the bonds

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