Unformatted text preview: Churchill Inc. uses the straight-line method to amortize any bond premium or discount. On October 30, 2011 Churchill Inc. retires 100% of the bonds at 101%, excluding accrued interest. Churchill Inc.'s accounting year-end is August 31. Provide the journal entry to record the retirement of the bonds. Show all supporting calculations....
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- Fall '09
- 6%, 8%, $1,000,000, Churchill Inc., $1,097,171