Question
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
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.
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
