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Qu. 166 Magic Mountain retires its... Magic Mountain retires its 7% bonds for $129,000 before their scheduled maturity. At the time, the bonds have a

Qu. 166 Magic Mountain retires its... Magic Mountain retires its 7% bonds for $129,000 before their scheduled maturity. At the time, the bonds have a face value of 127,000 and a carrying value of $112,000. Record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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