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Prepare journal entry for the retirement of bonds

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Reference no: EM131641753

Question - The December 31, 2016 balance sheet of ABC Co. included the following items:

7.5% bonds payable due December 31, 2019 $240,000

Unamortized discount on bonds payable 9,600

The bonds were issued on December 31, 2011 at 95, with interest payable on June 30 and December 31. On January 1, 2017, ABC retired the bonds at 101.

Required: Prepare journal entry for the retirement of bonds.

Reference no: EM131641753

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