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please write in text not in handwriting since its hard to read from a paper pic and i need an explanation for the problem thank

please write in text not in handwriting since its hard to read from a paper pic and i need an explanation for the problem thank you

  1. Several years ago, Walters Company issued bonds with a face value of $1,000,000. As a result of declining interest rates, the company has decided to call the bond at a call premium of 7% over par. Record the retirement of the bonds.

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