Valdez Corporation has outstanding $1,500,000 of 10 percent bonds callable at 103. On July 1, a semiannual interest payment date, the unamortized bond premium equaled $60,000. On that date, $900,000 of the bonds were called and retired. Prepare an entry in journal form without explanation to record the retirement of the bonds on July 1.

Bond payable the long-term liability account that shows the total amount that the company is required to repay to the investors. Bonds are a medium that a company uses to raise capital for the long term.

Answer rating: 100% (QA)

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