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Posted on Jul 20, 2024

On June 1. 2017. Picasa, Inc. issued $8,000,000, 6% bonds for $7,841,000, with includes accrued interest. Interest is payable semiannually on February 1 and August

On June 1. 2017. Picasa, Inc. issued $8,000,000, 6% bonds for $7,841,000, with includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2027.

Picasa uses the straight line method for amortization.

On February 1, 2019, Picasa re-purchased $5,000,000 of the bonds at 102.

Prepare the journal entry to record the repurchase of the bonds.

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