in fiscal 2017, ruthilda inc. (ruthilda) decided to exercise its option to redeem its outstanding bond issue before the maturity date in 2024. the bonds had a face value of $7,300,000 and ruthilda pa

Project Description:

in fiscal 2017, ruthilda inc. (ruthilda) decided to exercise its option to redeem its outstanding bond issue before the maturity date in 2024. the bonds had a face value of $7,300,000 and ruthilda paid $7,700,000 to redeem them. the bonds were originally issued at a premium of $430,000 and at the time the bonds were redeemed, $172,000 of the premium had been amortized.
a. prepare the journal entry to record the early retirement of the bonds. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
b.
prepare the journal entry if ruthilda was able to redeem the bonds on the open market at a cost of $6,900,000? (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
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