Venezuela Co. is building a new hockey arena at a
cost of	$20,000,000	. It received a downpayment of			$8,000,000	from local
businesses to support the project, and now needs to borrow					$12,000,000	to complete
the project. It therefore decides to issue			$12,000,000	of	12.00%	10
-year bonds. These bonds were issued on January 1, 2020, and pay interest annually on each
January 1. The bonds yield		8.00%	.
.
(c) Assume that on Jan 1, 2023, Venzuela Co. retires half of the bonds at a cost of						$8,000,000
plus accrued interest. Prepare the journal entry to record this retirement.
Entry for reacquisition