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Record the retirement of the bonds

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Question - Several years ago, Cyclop Company issued bonds with a face value of $1,000,000 for $1,110,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 5 percent over par. The bonds have a current book value of $1,026,000. Record the retirement of the bonds, using a premium account.

Reference no: EM133171508

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