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A company retired $70 million of its 10% bonds at 101 ($70.7 million) before their scheduled maturity. At the time, the bonds had a remaining

A company retired $70 million of its 10% bonds at 101 ($70.7 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $3 million.

Prepare the journal entry to record the redemption of the bonds.

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