Question: On June 30, 2002 King Co. had outstanding 9%, $5,000,000 face value bonds maturing on June 30, 2007. It was payable semiannually every June 30

On June 30, 2002 King Co. had outstanding 9%, $5,000,000 face value bonds maturing on June 30, 2007. It was payable semiannually every June 30 and December 31. On June 2002, after recording amortization for the period, the unamortized bond premium and bond issue costs were $30,000 and $50,000, respectively. On that date, the firm retired all the bonds at 98. Record the retirement of the bonds.

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