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ACME Incorporated redeemed $170,000 face value, 12% bonds on July 31 at 101. The bond's amortized cost at the redemption was $147,500. Required: Prepare

ACME Incorporated redeemed $170,000 face value, 12% bonds on July 31 at 101. The bond's amortized cost at the redemption was $147,500. Required: Prepare the journal entry to record the redemption of the bonds.

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