A company calls $150,000 par value of bonds with a carrying value of $147,950. The company calls

Question:

A company calls $150,000 of bonds with a carrying value of $147,950. The company calls the bond at $151,000. Prepare the journal entry to record the retirement of the bonds
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...