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Northern Inc. retires its bonds (par value $150,000 ) at 103 on June 30 immediately following the payment of semiannual interest. The carrying value of

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Northern Inc. retires its bonds (par value $150,000 ) at 103 on June 30 immediately following the payment of semiannual interest. The carrying value of the bonds at retirement date is $163,745. Northern's journal entry to record the retirement will include a Credit to Bonds Payable Debit to Discount on Bonds Debit to Premium on Bonds Credit to Gain on Retirement of Bonds

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