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On January 1,2024, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $1,003,000. The indenture specified a call price of

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On January 1,2024, Tiny Tim Industries had outstanding $1,000,000 of 10% bonds with a book value of $1,003,000. The indenture specified a call price of $1,000,000. Tiny Tim called the bonds (retired them) on January 1,2024. Instructions: Prepare the necessary journal entry on January 1, 2024. General Journal

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