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Prepare the journal entry to record the bond retirement

04/10/2021 Client: muhammad11 Deadline: 2 Day

Prepare the journal entry to record the following bond retirement. The December 31, 2018 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2026 $3,000,000 Unamortized discount on bonds payable 120,000 The bonds were issued on December 31, 2016 at 95, with interest payable on June 30 and December 31. On January 1, 2019, Wolfe retired the entire bond issuance of $3,000,000 of these bonds at 101.

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