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Prepare the journal entry to record the call of the bonds

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Question - Three years ago American Insulation Corporation issued 10%, $800,000, 10-year bonds for $770,000. American Insulation exercised its call privilege and retired the bonds for $790,000. The corporation uses the straight-line method to determine interest.

Required: Prepare the journal entry to record the call of the bonds.

Reference no: EM131871752

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