Why did rite aid not have to pay the face value

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Reference no: EM132497132

Note 10 reports that Rite Aid engaged in some open market debt transactions during year ended February 28, 2004

Question 1: Prepare the journal entry required to record the repurchase of these notes.

Question 2: Why did Rite Aid not have to pay the face value to repurchase these notes on the open market?

Question 3: Explain why Rite Aid recorded a gain on all of the repurchased notes except on the 12.5% note on which it recorded a loss?

Reference no: EM132497132

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