ANSWER THIS ASAPNair Company issued a $$7$ million bond at a discount five years ago. The current carrying amount of the bond is $$6\mathrm{.}25$ million. The

company now has excess cash and decides to retire the bond. The bond is callable at $120$ percent of its face value.

Required:

Prepare the journal entry to record the retirement of the bond. $($If no entry is required for a transaction$/$event$,$ select $"$No journal

entry required" in the first account field. Enter your answers in dollars not in millions.$)$

Answer is not complete.