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Calculate the reacquisition price of the bonds on january

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On January 1, 2008, Davis Corporation issued $3,900,000 of 8% bonds at 106. Interest is paid annually on December 31 of each year. The bonds mature on December 31, 2027, and the company uses the straight-line method of amortization. On January 2, 2016, Davis reacquired the bonds and recognized a loss of $82,000.

Next Level Calculate the reacquisition price of the bonds on January 2, 2016, and prepare the journal entry to record the reacquisition of Davis's bonds.

Reference no: EM131753616

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