Question: Magic Mountain retires its 9% bonds having a face amount of $125,000 for $127,000 before their scheduled maturity. At the time, the bonds have a

Magic Mountain retires its 9% bonds having a face amount of

Magic Mountain retires its 9% bonds having a face amount of $125,000 for $127,000 before their scheduled maturity. At the time, the bonds have a carrying value of $118,000. 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.)

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