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Prepare the journal entry to record the redemption

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Question - The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2017, Ivanhoe called $600,000 face amount of the bonds and redeemed them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized by Ivanhoe as a result of retiring the $600,000 of bonds in 2017. (Round answer to 0 decimal places, e.g. 38,548.)

Loss on redemption - $245,199

Prepare the journal entry to record the redemption.

Reference no: EM131586483

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