Give the entry to record the redemption

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Reference no: EM131957759

Problem

Phillip Corporation has the following account balances:Bonds payable, exist1,600,000:Premium on Bonds payable exist60,000 As a step in redeeming the bond issue, Phillip Corporation buys exist160,000 worth of its bonds (one-tenth of the original issue) on the open market at 97. Give the entry to record the redemption.

Reference no: EM131957759

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