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On January 1, 2020 Inc. issued 10%, $1,000,000 bonds for $1,116,000. Inc retired all of these bonds on January 1, 2021, at .95. Unamortized bond

On January 1, 2020 Inc. issued 10%, $1,000,000 bonds for $1,116,000. Inc retired all of these bonds on January 1, 2021, at .95. Unamortized bond premium on that date was $92,800.

Prepare the necessary journal entry for January 1,2021

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