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Three years ago American Insulation Corporation issued 10 percent, $930,000, 10-year bonds for $835000. American Insulation exercised its call privilege and retired the bonds for
Three years ago American Insulation Corporation issued 10 percent, $930,000, 10-year bonds for $835000. American Insulation exercised its call privilege and retired the bonds for $920,000. The corporation uses strait-line method to determine interest. Prepare journal entry to record the call of bonds.
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