On March 31, 2022, Edinburg Company retired bonds early by repurchasing them in the market for $4,970,000. The total face value of the bonds retired at March 31, 2022 was $5.12 million for which there remained a balance of $285,000 of unamortized discount. Required: Prepare the journal entry to retire the bonds. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the retirement of the $5.12 million in bonds. Note: Enter debits before credits
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