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Required information (The following information applies to the questions displayed below On January 1, 2017,...

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Accounting

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Required information (The following information applies to the questions displayed below On January 1, 2017, hay issues $700,000 of 10%, 15-year bonds Shay retires 20% of these bonds by buying them on the open market at 104% All interest is accounted for through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount at a price of 97%. Six years later, on January 1, 2023, and paid 6. What is the amount of the recorded gain or loss from retiring the bonds? 0 Required information The following information applies to the questions displayed below On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97 Six years later, on January 1, 2023. Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount 7. Prepare the journal entry to record the bond retirement at January 1. 2023 View transaction list Journal entry worksheet Record the retirement of 20% of the bonds before maturity on January 1, 2023. Note: Enter debits before credits Date Debit Credit General Journal Jan 01, 2023

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