The December 31, 2017, balance sheet of Ming inc, included 12% bonds with a face amount of $100 million. The bonds were issued in 2005 and had a remaining discount of $3,400,000 at December 31, 2017, on January 1, 2018, Ming called the bonds at a price of 102.

Required:

Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2018.

Answer rating: 100% (QA)

Journal entry for retirement of bonds Date Ac... View the full answer