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Prepare the entry for open market purchases

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Question - Missouri wheels Ltd sold 9,000,000 of 14 yrs, 3.5% bonds at par on Jan 1, 2020. Interest payable on June 30 and December 31st. The bonds can be called at 103 plus accrued interest. On April 1, 2021, Missouri wheels bought back 3,500,000 of bonds on the open market for 2,600,000 including accrued interest and retired them. Prepare the entry for open market purchases of the bond on April 1, 2021.

Reference no: EM132991320

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