Early Retirement of Bonds Elston Company issued 5500.000 of eight percent. 20year bonds at 106 on January

Fantastic news! We've Found the answer you've been seeking!

Question:

Early Retirement of Bonds Elston Company issued 5500.000 of eight percent. 20•year bonds at 106 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 103 (after making the interest payment on that date). Prepare the Journal entry to record the bond retirement on January 1, 2016.