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Record the journal entry for the early retirement of bonds

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Question - Terry, Inc., has outstanding a $1,000,000, 8%, 10-year bond issue which was sold on January 1, 20x1, at a price of $1,110,000. The following liability appeared on the balance sheet dated December 31, 20x5.

LONG-TERM DEBT:

Bonds payable $1,000,000

Premium $55,000

Terry, Inc., retired half of the outstanding bonds in the open market for 98 ½ on January 1, 20x6.

Record the journal entry for the early retirement of the bonds?

Reference no: EM133089182

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