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Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31,2016 balance sheet of Wolfe Co. included
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31,2016 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2019 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2014 at 95, with interest payable on June 30 and December 31. ( use straight-line amortization.) On April 1, 2017, Wolfe retired $240,000 (20%) of these bonds at 101 plus accrued interest
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