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Required information Exercise 9-20(Algo) Record the early retirement of bonds issued at a premium...

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Accounting

Required information
Exercise 9-20(Algo) Record the early retirement of bonds issued at a premium (LO9-6)
[The following information applies to the questions displayed below.]
On January 1,2024, White Water issues $540,000 of 7% bonds, due in 10 years, with interest payable semiannually on
June 30 and December 31 each year. The market interest rate on the issue date is 6% and the bonds issued at $580,169.
Exercise 9-20(Algo) Part 2
If the market interest rate increases to 8% on December 31,2026, it will cost $511,480 to retire the bonds. Record the retirement of
the bonds on December 31,2026.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field. Round your final answers to the nearest whole dollar.)
Journal entry worksheet
Record the retirement of the bonds
Note: Enter debits before credits.
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