Question: Sunset Company issues $2,000,000 face value, 5%, 5-year bonds payable on December 31, 20X1. Interest is paid semiannually each June 30 & December 31. The

Sunset Company issues $2,000,000 face value, 5%, 5-year bonds payable on December 31, 20X1. Interest is paid semiannually each June 30 & December 31. The bonds sell at a price of 96; Sunset uses the straight-line method of amortizing bond discount/premium.

How would I record the entry if the bonds were retired June 30 20X2 for 98.

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