Prepare the journal entry to record the retirement

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Question - Boston Company issued bonds a few years ago with a face amount of $2,000,000. As of January 1, 2020, the balance in Premium on Bonds Payable is $72,000. At the time, Boston purchased the entire bond issue on the open market at 98 and retired the bonds.

Required - Prepare the journal entry to record the retirement of these bonds.

Reference no: EM132724661

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