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What is the entry on the retirement of the bond on december

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Reference no: EM132702215

On January 1, 20x1 an entity issues bonds with face amount of 5,000,000 for 5,773,129. The bonds mature on December 31, 20x3 and pat annual interest of 14%. The effective rate is 8%. On December 31, 20x2 after paying the annual interest, the entity retires the bonds at a call premium of 400,000.

Problem 1: What is the entry on the retirement of the bond on December 31,20x2?

Reference no: EM132702215

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