(Answered) Question - on january 1 2011 x corporation sold a 2000000

Accounting

Question - On January 1, 2011, X corporation sold a $2,000,000, 10 percent bond issue. The market rate of interest is 8%. The bonds were issued on January 1, 2011, pay interest each June 30 and December 31, and mature in 10 years.

Assume the bond is retired early on December 31, 2012. The new market rate of interest on December 31, 2012 is 12%. Give the journal entry for retirement.

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