Three years ago American Insulation Corporation issued $10\%,$ $$910,000,8-$year bonds for $$825,000.$ American Insulation exercised its call privilege and retired the bonds for $$900,000.$ The corporation uses the straight$-$line method to determine interest.

Required:

Prepare the journal entry to record the call of the bonds. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Answer rating: 100% (QA)

To prepare the journal entry to record the call of the bonds by American Insulation Corporation we n... View the full answer