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Problem 14-14 Early extinguishment of debt [LO14-5] Three years ago American Insulation Corporation issued 10...

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Accounting

Problem 14-14 Early extinguishment of debt [LO14-5] Three years ago American Insulation Corporation issued 10 percent, $1,000,000, 12-year bonds for $870,000. American Insulation exercised its call privilege and retired the bonds for $940,000. The corporation uses the straight-line method to determine interest. Required: Prepare the journal entry to record the call of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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