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Sheridan Companyretires its $640000face value bonds at106on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is

Sheridan Companyretires its $640000face value bonds at106on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $663968. The entry to record the redemption will include a

credit of $14432to Gain on Bond Redemption.

debit of $23968to Premium on Bonds Payable.

debit of $38400to Premium on Bonds Payable.

credit of $23968to Loss on Bond Redemption.

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