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The following section is taken from Sandhill's balance sheet at December 31, 2020. Current liabilities Interest payable $37,500 Long-term liabilities Bonds payable (10%, due January

The following section is taken from Sandhill's balance sheet at December 31, 2020.

Current liabilities

Interest payable $37,500

Long-term liabilities

Bonds payable (10%, due January 1, 2024) 375,000

Interest is payable annually on January 1. The bonds are callable on any annual interest date.

b.) Assume that on January 1, 2021, after paying interest, Mareska calls bonds having a face value of $150,000. The call price is 104. How do I Record the redemption of the bonds?

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