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:
Fixed Assets
Fixed assets are long-term tangible assets that a company owns and uses in its operations to generate income, such as buildings, machinery, and equipment.
Percentage-Of-Completion Method
An accounting method used to recognize revenues and expenses of long-term projects proportionate to the work completed during the period.
Contract Costs
Expenses directly related to securing and executing a contract, including labor, materials, and overheads.
Estimated Total
A projected computation or guess of the final amount or value.
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