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Part B Parrot Company retires its 7% bonds having a face amount of $70,000 for $68,000 before their scheduled maturity. At the time, the bonds
Part B
Parrot Company retires its 7% bonds having a face amount of $70,000 for $68,000 before their scheduled maturity. At the time, the bonds have a carrying value of $74,937. Record the early retirement of the bonds.
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