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Prepare the journal entry by Ming to record the retirement

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Question - The December 31, 2020, balance sheet of Ming Inc. included 12% bonds with a face amount of $100 million. The bonds were issued in 2008 and had a remaining discount of $3,400,000 at December 31, 2020. On January 1, 2021, Ming called the bonds at a price of 102.

Required - Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2021.

Reference no: EM132610346

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