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Record the retirement of the bonds

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Reference no: EM132716428

Question: The December 31, 2031 balance sheet of Express Co. included 12% bonds with a face amount of $96 million. The bonds were issued in 2008 and had a remaining discount of $3,000,000 at December 31, 2020. On January 1, 2021 Express called the bonds at a price of 102.

Record the retirement of the bonds on January 1, 2021.

Reference no: EM132716428

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