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Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)
The December 31, 2010 balance sheet of Wolfe Co. included the following items:
7.5% bonds payable due December 31, 2018 $1,200,000
Unamortized discount on retired bonds (the $240,000 that are retired) 9,600
The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31.
On December 31, 2010, Wolfe retired $240,000 of these bonds at 101 plus accrued interest.
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