Prater Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the bonds' amortized

Question:

Prater issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the bonds' amortized cost was $390,000, the company redeemed the bonds at 97. Prepare the entry to record the redemption of the bonds.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...