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Brief Exercise 14-12 (Algo) Early extinguishment; effective interest [LO14-5] A company retired $76 million of...

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Accounting

Brief Exercise 14-12 (Algo) Early extinguishment; effective interest [LO14-5]

A company retired $76 million of its 8% bonds at 105 ($79.8 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $1 million. Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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