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Prepare Bengro journal entry

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Question - On January 2, 2012, Bengro Corporation issued $4,500,000 of 10% bonds at 96 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 102 (i.e., at 102% of face amount), and on January 2, 2018, Bengro called all of the bonds and redeemed them.

Required - Prepare Bengro's journal entry to record the early extinguishment of the bonds payable.

Reference no: EM132479033

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