Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 (The following…
Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 (The following information applies to the questions displayed below.) On January 1, 2017, Shay issues $330,000 of 12%, 15-year bonds at a price of 97.00. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104.50. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount. Exercise 10-9 Part 7 7. Prepare the journal entry to record the bond retirement at January 1, 2023. View transaction list Journal entry worksheet Record the retirement of 20% of the bonds before maturity on January 1, 2023. Note: Enter debits before credits Date General Journal Debit Credit lan nt 21
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