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Prepare journal entry to record retirement of the bonds

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Question - Pet Inc. decides, since interest rates were low that it was time to retire bonds with a maturity value of $1,000,000. The bonds were callable at 100 but the market price right now is 92. Pet Inc. decides the best course of action would be to purchase the bonds in the open market at the market price of 92. The unamortized discount on the bonds was $36,000. This transaction took place immediately after an interest date.

Prepare Journal Entry to record retirement of the bonds.

Reference no: EM131978052

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