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RAR Corporation issued $500,000, 7%, 10-year bonds on January 1, 2011 when the market rate...

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Accounting

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RAR Corporation issued $500,000, 7%, 10-year bonds on January 1, 2011 when the market rate was 9%. Bond issuance costs were $30,000. The bonds are callable at 103. The entire issuance was redeemed on January 1, 2015. Their carrying amount was $430,500 at the redemption date. Record, in good form, the journal entry to redeem the bonds. (25 points) 2. *********************

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