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Prepare journal entries to record the retirement of bonds

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Question - Bradley, Inc. issued $100,000, 10-year, 10% bonds on January 1, 2017 for $112,000. Boston uses the straight-line method of amortization of the premium. On April 1, 2020, Boston reacquired the bonds for retirement when they were selling for 102 on the open market.

Required - Prepare the journal entries to record the retirement of the bonds, including the accrual of interest since the last payment and amortization of the premium.

Reference no: EM132535631

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