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Record the retirement of the bonds on january

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Question - The December 31, 2017, balance sheet of Ming Inc. included 8% bonds with a face amount of $106 million. The bonds were issued in 2005 and had a remaining discount of $4,000,000 at December 31, 2017. On January 1, 2018, Ming called the bonds at a price of 103.

Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2018.

Reference no: EM132270403

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