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Premium Pizza retires its 7% bonds for $66,000 before their scheduled maturity. At the time, the bonds have a face amount of $63,600 and a carrying value of $68,454. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Premium Pizza retires its 7% bonds for $66,000 before their scheduled maturity. At the time, the bonds have a face amount of $63,600 and a carrying value of $68,454. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hello, I'm in need of assistance with the following journal entry. Thanks!
Premium Pizza retires its 7% bonds for $66,000 before their scheduled maturity. At the time, the bonds have a face amount of $63,600 and a carrying value of $68,454. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the early retirement of bonds. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
Transcribed Image Text:Premium Pizza retires its 7% bonds for $66,000 before their scheduled maturity. At the time, the bonds have a face amount of $63,600 and a carrying value of $68,454. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the early retirement of bonds. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
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