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Yaz Inc. retired $ 5 0 0 , 0 0 0 face value, 8 % bonds on June 3 0 , 2 0 1 6

Yaz Inc. retired $

500, 000

face value,

8 %

bonds on June

30, 2016,

97 .

The carrying value of the bonds at the redemption date was $

475, 000 .

The interest payment due on June

30, 2016,

has been made and recorded.

Instructions: Prepare the necessary journal entry for the conversion and retirement of the bonds.

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