Part 3: Accounting for early retirement of bond

On January 1, 2013, On January 1, 2013, ABC Corp. issued at 95 bonds with a par value of $800,000, due in 20 years. Eight years after the issue date, ABC calls the entire issue at 101 and cancels it. At that time, the unamortized discount is $24,000.

Required: Provide the journal entry to record the retirement of the bond and show your calculations for the numbers booked in your journal entry.