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The December 31, 2021 balance sheet of Blue Co. included the following items: 7.5% bonds payable due December 31, 2029 $3,600,000 Unamortized discount on bonds
The December 31, 2021 balance sheet of Blue Co. included the following items: 7.5% bonds payable due December 31, 2029 $3,600,000 Unamortized discount on bonds payable 144,000 The bonds were issued on December 31, 2019 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.) On April 1, 2020, Wolfe retired $720,000 of these bonds at 101 plus accrued interest. Prepare journal entries to record the above retirement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 (To record interest and discount on bonds) Apr. 1 (To record entry for retirement of bonds)
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