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The statement of financial position for Prism Consulting reports the following information on July 1, 2014. Non-current liabilities Bonds payable 960,000 Prism decides to redeem

The statement of financial position for Prism Consulting reports the following information on July 1, 2014.

Non-current liabilities

Bonds payable 960,000

Prism decides to redeem these bonds at 101 (face value of bonds 1,000,000) after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2014.

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