On July 1, 2015, Quonk Inc. issued $1000 in principal of five-year zero coupon bonds. The company received proceeds of $650. On July 1, 2019, the carrying value of the debt was $917. On that day, the company repurchased and retired the debt for $950.

 

Record the journal entry for the early retirement of the debt. 

Answer rating: 100% (QA)

The journal entry of early redemption of bonds woul... View the full answer