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At December 31, 2020, the 10% bonds payable of ABC Inc. had a carrying value of...

At December 31, 2020, the 10% bonds payable of ABC Inc. had a carrying value of $ 760,000. The bonds, which had a face value of $ 800,000, were issued at a discount to yield 12%. The amortization of the bond discount had been recorded using the effective-interest method. Interest was being paid on January 1 and July 1 of each year. On July 1, 2021, ABC retired the bonds at 102. Prepare the journal entries for July 1, 2021 pertaining to these transactions.
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