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Prepare the journal entry to record the bond retirement

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Reference no: EM132888941

Problem - Premium Amortization Schedule with Retirement Before Maturity - Hillis Corporation issued $600,000 of 13% bonds on January 1, 2019, for $614,752.24. The bonds are due December 31, 2021, were issued to yield 12%, and pay interest semiannually on June 30 and December 31. Hillis uses the effective interest method.

Required -

1. Prepare a bond interest expense and premium amortization schedule.

2. Assume the company retired the bonds on September 30, 2021, for $630,000, which includes accrued interest. Prepare the journal entry to record the bond retirement.

Reference no: EM132888941

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