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Prepare the journal entry to record the interest payment

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Question 1: A company issued $100,000 of 7% bonds on Jan 1 20x1. The bonds were issued at par and pay interest on June 30 and Dec 31 each year. By Dec 31 20x5 the market rate of interest had increased and a company was able to reacquire and retire the bonds for $97,500 plus accrued interest. Prepare the journal entry to record the interest payment and bond retirement on Dec 31 20x5.

Reference no: EM132483893

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