what is the gain on bond redemption? please show work
Homework Answers
Journal entry
| Date | account title and explanation | Debit | Credit |
| June 30 | Bonds payable | 163000 | |
| Premium on bonds payable | 13040 | ||
| Gain on bond redemption | 16300 | ||
| cash | 159740 |
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what is the gain on bond redemption? please show work
(b) Your answer is partially correct....
The situations presented here are independent of each other. For each situation, prepare the appropriate journal...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Martinez Corp. redeemed $130,000 face value, 11% bonds on April 30, 2022, at 104. The carrying value of the bonds at the redemption date was $117,390. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
Can you please breakdown how to calculate the missing figure? Exercise 175 your answer is partially...
Can you please breakdown how to calculate the missing figure?
Exercise 175 your answer is partially correct. Try again. Stengle Company retired $500,000 face value, 9% bonds on June 30, 2020 at 96. The carrying value of the bonds at the redemption date was $508,000. Prepare the journal entry to record the redemption of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bonds Payable Premium...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Culver Corporation redeemed $150,000 face value, 12% bonds on April 30, 2022, at 103. The carrying value of the bonds at the redemption date was $135,450. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. account titles are automatically indented when amount is entered. Do not indent...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is payable annually on January 1, Blossom uses straight-line amortization for bond premium discount Prepare the journal entries to record the following events. (Credit account des are automatically inde hemount is entered. Do not indent manually) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. Id The payment of interest on January 1, 2023. (d)...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000 of 12-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $481,120, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Premium on Bonds Payable Discount on Bonds Payable Discount...
Exercise 10-18 The situations presented here are independent of each other. For each situation, prepare the...
Exercise 10-18 The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Blue Spruce Corp. redeemed $160,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $144,480. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $181,440. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit un eTextbook and Media
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Martinez Corp. redeemed $130,000 face value, 11% bonds on April 30, 2022, at 104. The carrying value of the bonds at the redemption date was $117,390. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Flounder Corp. redeemed $124,000 face value, 10% bonds on April 30, 2022, at 105. The carrying value of the bonds at the redemption date was $111,972. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
Can you please breakdown how to calculate the missing figure?
Exercise 175 your answer is partially correct. Try again. Stengle Company retired $500,000 face value, 9% bonds on June 30, 2020 at 96. The carrying value of the bonds at the redemption date was $508,000. Prepare the journal entry to record the redemption of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bonds Payable Premium...
The situations presented here are independent of each other. For each situation, prepare the appropriate journal entry for the redemption of the bonds. Culver Corporation redeemed $150,000 face value, 12% bonds on April 30, 2022, at 103. The carrying value of the bonds at the redemption date was $135,450. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. account titles are automatically indented when amount is entered. Do not indent...
Blossom Company issued $450,000, 6%, 30 year bonds on January 1, 2022, at 102. Interest is payable annually on January 1, Blossom uses straight-line amortization for bond premium discount Prepare the journal entries to record the following events. (Credit account des are automatically inde hemount is entered. Do not indent manually) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. Id The payment of interest on January 1, 2023. (d)...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000 of 12-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $481,120, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Premium on Bonds Payable Discount on Bonds Payable Discount...
Kingbird, Inc. redeemed $168,000 face value, 14.5 % bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $181,440. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit un eTextbook and Media
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
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