Question: Dear Chegg members, Provide the solution for the question below: Q1. 4-year 10% bonds of $300,000 issued on Jan. 1, 2018, are recalled at 105

Dear Chegg members, Provide the solution for the question below:

Q1. 4-year 10% bonds of $300,000 issued on Jan. 1, 2018, are recalled at 105 on Dec. 31, 2019. Expenses of recall are $5,000. Market interest on issue date was 6%.

Prepare the journal entry to record the recall of bonds?

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