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Magic Mountain retires its 7% bonds for $121,000 before their scheduled maturity. At the time, the bonds have a carrying value of $114,000. Record the

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Magic Mountain retires its 7% bonds for $121,000 before their scheduled maturity. At the time, the bonds have a carrying value of $114,000. Record the early retirement of the bonds. {If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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