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A Company issues a 1,000,000 Face Value bond at 96. The bond has a maturity of 10 years and pays 5% interest annually. Part 1-Record

A Company issues a 1,000,000 Face Value bond at 96. The bond has a maturity of 10 years and pays 5% interest annually. Part 1-Record the issuance of the bond Part 2-The company decides to redeem the bond early at par. At the time of redemption, the balance in the Discount on Bonds account is 15,000. Record the Journal Entry for early redemption and recognize any gain or loss on redemption

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