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24-05-2023
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The balance sheet for Oriole Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 180,000 $4,320,000 Oriole decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020.

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