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Clay Inc. has outstanding bonds with a face value of $202,000 and an unamortized premium of $3,000. On September 15 of the current year, the

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Clay Inc. has outstanding bonds with a face value of $202,000 and an unamortized premium of $3,000. On September 15 of the current year, the company retired the bonds by calling them at the call price of 104. What journal entry should the company make to record the retirement of the bonds on September 15? What effect does this entry have on the accounting equation

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