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Yaz Inc. retired 500,000 face value,8% bond on June 30,2016, at 97. The carrying value of the bonds at the redemption date was 475,000. the

Yaz Inc. retired 500,000 face value,8% bond on June 30,2016, at 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. Prepare the necessary journal entry for the conversion and retirement of the bond.

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