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Prepare journal entry to account for the bond redemption

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Reference no: EM132760358

Question: At December 31, 20X4 the following balances existed on the books of Delaware Corporation:

Bonds Payable $4,000,000

Discount on Bonds Payable 320,000

Interest Payable 100,000

Unamortized Bond Issue Costs 240,000

Delaware retired bonds January 1, 20X5, at 102. Prepare journal entry to account for the bond redemption.

Reference no: EM132760358

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