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Use the following information extracted from the books of Acme Company on November 30:
Bonds Payable 780,000
Premium on Bonds 2,637
At that date, the company retired one quarter of the bonds, paying $195,250.
Required:
Question a. What journal entry would be made at the date of retirement?
Question b. What would the balance sheet section for bonds look like after retirement of the bonds?
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