Prepare the journal entry to record the bond retirement


Elston Company issued $450,000 of 11%, 20-year bonds at 108 on January 1, 2010. Interest is payable semiannually on July 1 and January 1. Through January 1, 2016, Elston amortized $5,000 of the bond premium. On January 1, 2016, Elston retired the bonds at 102 (after making the interest payment on that date). Help me to prepare the journal entry to record the bond retirement on January 1, 2016.

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Accounting Basics: Prepare the journal entry to record the bond retirement
Reference No:- TGS0681065

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