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Create a journal entry on dec to record the extinguishment

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Extinguishment of DebtBonds are recalled at 95 on Dec. 31, 2018. Expenses of recall are $4,000.

  • Buchanan Company issues 10-year term bonds with a par value of $800,000, dated January 1, 2018, and bearing interest at an annual rate of 8% (Stated Rate) payable semiannually on January 1 and July 1. Market interest rate is 10%.

Problem 1: Create a Journal entry on Dec 31, 2018 to record the extinguishment of debt.

Reference no: EM132722053

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