Question: How to record adjusting entry for bond retired before maturity? Due to favourable market conditions, SI decided to retire bonds in advance of their maturity

How to record adjusting entry for bond retired before maturity?

Due to favourable market conditions, SI decided to retire bonds in advance of their

maturity date. Bonds with a face value of $5,000,000 were retired at 98% on

October 31, 2020. The bonds paid 7% interest every December 31 and had been

issued eight years earlier at par value.

Please provide step-by-step explaiantion.

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