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Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)

The December 31, 2010 balance sheet of Wolfe Co. included the following items:

7.5% bonds payable due December 31, 2018 $1,200,000

Unamortized discount on retired bonds (the $240,000 that are retired) 9,600

The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31.

On December 31, 2010, Wolfe retired $240,000 of these bonds at 101 plus accrued interest.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411451

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