Question: Calling ( Redeeming ) Bonds Payable On December 3 1 , 2 0 2 4 , Conley Corporation has Bonds Payable with a Face Amount

Calling (Redeeming) Bonds Payable
On December 31,2024, Conley Corporation has Bonds Payable with a Face Amount of $500,000 and a Carrying Amount of $540,000 outstanding. On December 31,2024, Conley calls the bonds at 101.
Instructions:
Prepare the journal entry to record the cancellation of the bonds.
Calling ( Redeeming ) Bonds Payable On December 3

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