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Several years ago, Cyclop Company issued bonds with a face value of $1,500,000 for $10,695,000....

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Accounting

Several years ago, Cyclop Company issued bonds with a face value of $1,500,000 for $10,695,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 5 percent over par. The bonds have a current book value of $1,512,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required:

Record the retirement of the bonds, using a premium account.

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