A company retired $61.6 million of its 9% bonds at 112 ($69.0 million) before their scheduled maturity. At the time, the bonds had a remaining discount of $2.2 million. Prepare the journal entry to record the redemption of the bonds.

A company retired $61.6 million of its 9% bonds at 112 ($69.0 million) before their scheduled maturity. At

the time, the bonds had a remaining discount of $2.2 million.

Prepare the journal entry to record the redemption of the bonds. (Enter your answers in millions to one

decimal place. Omit the "$" sign in your response.)

General Journal Debit Credit

Bonds payable 61.6

Loss on early extinguishment 9.6

Discount on bonds 2.2

Cash 69.0

Explanation:

Cash ($61,600,000 × 112%) = 69.0