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Question 6. Bond retirement (10 marks) On January 1, 2019, Yuen Corporation sold and issued...

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Accounting

Question 6. Bond retirement (10 marks) On January 1, 2019, Yuen Corporation sold and issued $1,000,000 of its 10% bonds, receiving a $60,000 premium. On the interest date 5 years later, after the bond interest was paid, and after 40% of the premium had been amortized, the corporation purchased 75% of the Bonds on the open market at 98 and retired them. Required: Prepare the required journal entry to retire the Bonds

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