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Record the retirement of the bonds, using a premium account

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Question - Several years ago, Cyclop Company issued bonds with a face value of $1,350,000 for $11,195,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 6 percent over par. The bonds have a current book value of $1,360,000. Record the retirement of the bonds, using a premium account.

Reference no: EM133160842

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