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AMC Entertainment, Inc. owns and operates movie theaters worldwide. Assume the company issued 4 percent...

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Accounting

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AMC Entertainment, Inc. owns and operates movie theaters worldwide. Assume the company issued 4 percent bonds at their $58,300,000 face value and then used all of these cash proceeds to retire bonds with a stated interest rate of 6 percent. At that time, the 6 percent bonds had a carrying value of $55,000,000. Required 1. Prepare the journal entries to record the issuance of the 4 percent bonds and the early retirement of the 6 percent bonds. Assume both sets of bonds were issued at face value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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