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Question
wittebury corporation retires its £5,000,000 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 $5,187,250. the entry to record the redemption will include
a.a credit of £62,750 to gain on bond redemption
b.a debit of £62,750 to loss on bond redemption
c.a credit of £25,000 to bonds payable
d.a credit of £62,250 to bonds payable
Answer
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