Determining bond retirement

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Reference no: EM1363546

Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar). The December 31, 2010 balance sheet of Wolfe Co. included the following items:

7.5% bonds payable due December 31, 2018: $1,200,000

Unamortized discount on bonds payable: 48,000

The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization)

On April 1, 2011, Wolfe retired $240,000 of these bonds at 101 plus accrued interest.

Reference no: EM1363546

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