Question: Magic Mountain retires its 7% bonds having a face amount of $124,000 for $126,000 before their scheduled maturity. At the time, the bonds have a

Magic Mountain retires its 7% bonds having a face amount of

Magic Mountain retires its 7% bonds having a face amount of $124,000 for $126,000 before their scheduled maturity. At the time, the bonds have a carrying value of $115,000. Required: Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the early retirement of the bonds. Note: Enter debits before credits. Event 1 General Journal Debit Credit

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