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On January 1, 2020, Parsons Corporation has an outstanding bond issue with a face amount of $800,000 and a carrying amount of $820,000. Parsons calls

On January 1, 2020, Parsons Corporation has an outstanding bond issue with a face amount of $800,000 and a carrying amount of $820,000. Parsons calls the bonds at 102. Prepare the journal entry to record the bond redemption.

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