Question
Magic Mountain retires its 8% bonds for $126,000 before their scheduled maturity. At the time, the bonds have a face value of 124,000 and a carrying value of $116,000.
Record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)