Retirement of bonds
On December 31, 2019, LaBrea Corp.'s statement of financial position included the following:
7.5% bonds payable, due December 31, 2027 $ 576,000
The bonds have a face value of $ 600,000, and were issued on December 31, 2017 at 95. Interest is payable semi-annually on June 30 and December 31. LaBrea uses straight-line amortization.
On April 1, 2020, LaBrea retired 20% of these bonds at 101 plus accrued interest.
Instructions
Prepare journal entries to record the retirement. Show calculations and round values to the nearest dollar.

Question

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The Answer of Retirement of bonds
On December 31, 2019, LaBrea Corp.'s statement of financial position included the following:
7.5% bonds payable, due December 31, 2027 $ 576,000
The bonds have a face value of $ 600,000, and were issued on December 31, 2017 at 95. Interest is payable semi-annually on June 30 and December 31. LaBrea uses straight-line amortization.
On April 1, 2020, LaBrea retired 20% of these bonds at 101 plus accrued interest.
Instructions
Prepare journal entries to record the retirement. Show calculations and round values to the nearest dollar.

Retirement of Bonds On December 31, 2019, LaBrea Corp.'s Statement of Financial Position