On January 1,2015,Sand Castle Corporation issued $500,000,8% bonds,receiving a $20,000 premium.On the interest date 5 years later,after the bond interest was paid and after 40% of the premium had been amortized,the corporation purchased the entire issue on the open market at 98 and retired the issue.Prepare the journal entry to record the retirement.

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The Answer of On January 1,2015,Sand Castle Corporation issued $500,000,8% bonds,receiving a $20,000 premium.On the interest date 5 years later,after the bond interest was paid and after 40% of the premium had been amortized,the corporation purchased the entire issue on the open market at 98 and retired the issue.Prepare the journal entry to record the retirement.

On January 1,2015,Sand Castle Corporation Issued $500,000,8% Bonds,receiving a $20,000