On January 1 , 2020 Braveheart Corp. issued bonds with a par value of $ 1,000,000 at 98 ( which is net of issue costs ) , due in 15 years . Six years after the issue date , the entire issue is called at 102 and cancelled . Instructions Prepare the journal entry to reflect the reacquisition of the bond assuming the straight - line amortization method . Wiley & Sons Canada , Ltd.