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QUESTION 4 Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the

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QUESTION 4 "Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $385000. The entry to record the redemption will include a debit of 58000 to Premium on Bonds Payable. credit of $15000 to Loss on Bond Redemption credit of $15000 to Discount on Bonds Payable. debit of $23000 to Gain on Bond Redemption

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