How record adjusting entry for bond retired before maturity

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Reference no: EM132825166

Question - How to record adjusting entry for bond retired before maturity? Due to favourable market conditions, SI decided to retire bonds in advance of their maturity date. Bonds with a face value of $5,000,000 were retired at 98% on October 31, 2020. The bonds paid 7% interest every December 31 and had been issued eight years earlier at par value. Please provide step-by-step explanation.

Reference no: EM132825166

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