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Prepare the required journal entry to retire the bonds

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Question - Bond retirement - On January 1, 2019, Yuen Corporation sold and issued $1,000,000 of its 10% bonds, receiving a $60,000 premium. On the interest date 5 years later, after the bond interest was paid, and after 40% of the premium had been amortized, the corporation purchased 75% of the Bonds on the open market at 98 and retired them. Prepare the required journal entry to retire the Bonds.

Reference no: EM133039692

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