E$10-17($Algo$)$ Recording the Early Retirement of a Bond LO$10-7$

Several years ago, Tamika Company issued bonds with a face value of $$613,000$ at par. As a result of declining interest rates, the company has decided to call the bond at a call premium of $8$ percent over par.

Required:E$10-17($Algo$)$ Recording the Early Retirement of a Bond LO$10-7$

Several years ago, Tamika Company issued bonds with a face value of $$613,000$ at par. As a result of declining interest rates, the

company has decided to call the bond at a call premium of $8$ percent over par.

Required:

Record the retirement of the bonds.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the retirement of the bonds.

Note: Enter debits before credits.