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What the entry to record the redemption

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Question - Sheffield Corp. retires its $760000 face value bonds at 103 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $731500. What the entry to record the redemption?

debit of $51300 to Gain on Bond Redemption.

debit of $22800 to Premium on Bonds Payable.

credit of $28500 to Loss on Bond Redemption.

credit of $28500 to Discount on Bonds Payable.

Reference no: EM132907413

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