Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2014 balance sheet of Wolfe Co. included the following items: 
The bonds were issued on December 31, 2012 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.)On April 1, 2015, Wolfe retired $400,000 of these bonds at 101 plus accrued interest.
Definitions:
Deferred Revenues
Deferred revenues refer to money received by a business for goods or services yet to be delivered or performed, recorded as a liability on the balance sheet until the obligation is fulfilled.
Working Capital
The difference between a company's current assets and current liabilities, indicating the short-term financial health and operational efficiency of a business.
Long-Term Liabilities
All of the entity’s obligations that are not classified as current liabilities.
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