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| Face value of bond | 150,000 |
| Less: Unamortized bond discount | 7,000 |
| Carrying value of bond | 143,000 |
| Less: Redemption value of bond (150000*102%) | 153,000 |
| Gain (Loss) on retirement of bond | (10,000) |
| Date | General journal | Debit | Credit |
| Mar 31 | Bond payable | 150,000 | |
| Loss on retirement of bond payable | 10,000 | ||
| Discount on Bond payable | 7,000 | ||
| Cash | 153,000 | ||
| (To record early retirement of bond payable.) |
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