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Royale Inc. issued $3,000,000, 5%, 5 year bonds on July 1, 2020 to yield 4%. The bond pays interest semi-annually on December 31 and
Royale Inc. issued $3,000,000, 5%, 5 year bonds on July 1, 2020 to yield 4%. The bond pays interest semi-annually on December 31 and June 30. On January 1, 2024, the company purchased and retired 45% of the bond issue for 96. Round all dollar amounts to the nearest dollar. Required: Prepare the journal entry to record the bond retirement. (5 Marks)
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Fraud Examination
Authors: W. Steve Albrecht, Conan C. Albrecht, Chad O. Albrecht, Mark F. Zimbelman
3rd edition
324560842, 978-0324560848
