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The December 31, 2017 balance sheet of Mining Inc. included 10% bonds with a face amount of $103 million. the bonds were issued in 2005
The December 31, 2017 balance sheet of Mining Inc. included 10% bonds with a face amount of $103 million. the bonds were issued in 2005 and had a remaining discount of $3700000.00 at December 31, 2017. On January 1, 2018, Ming called the bonds at a price of 101.
1. Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2018.
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