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Question
hulse corporation retires its $800,000 face value bonds at 105 on january 1, following the payment of annual interest. the carrying value of the bonds at the redemption date is $829,960. the entry to record the redemption will include a
a.credit of $29,960 to loss on bond redemption
b.debit of $29,960 to premium on bonds payable
c.credit of $10,040 to gain on bond redemption
d.debit of $40,000 to premium on bonds payable
Answer
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