(TCO D). Prepare journal entries to record the following retirement of Bonds. (Show computations and round to the nearest dollar.)

The December 31, 2010 balance sheet of Wolfe Co. included the following items:

• 7.5% bonds payable due December 31, 2018 $1,200,000; and
• Unamortized discount on bonds payable 48,000 .(Balance in Account as of 12/31/18)
• The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.)
• On April 1, 2011, Wolferetired $240,000of these bonds at 101 plus accrued interest.(Hint:First record entry to pay interest up to the retirement (or sale of the bond), then record the retirement (or sale of the bond).