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Prepare the journal entry to record the redemption

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Reference no: EM13532044

The balance sheet for Claremont Company reports the following information on July 1, 2012.

CLAREMONT COMPANY 
Balance Sheet (partial)

Long-term liabilities

Bonds payable

$2,000,000

Less: Discount on bonds payable

45,000

$1,955,000

Claremont decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2012.

Reference no: EM13532044

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