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Record the retirement of bonds before maturity

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Reference no: EM132866431

Question - On July 1, Aloha Co. exercises a call option that requires Aloha to pay $244,800 for its outstanding bonds that have a carrying value of $247,800 and par value of $240,000. The company exercises the call option after the semiannual interest is paid the day before on June 30.

Required -

1. Record the entry to retire the bonds.

2. Record the retirement of bonds before maturity.

Reference no: EM132866431

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