Homework Answers
3)
| Date | Account title | Debit | credit |
| Feb 28 | Bond payable | 45000 | |
| Loss on redemption of bond (Residual value) | 5200 | ||
| Discount on bond payable | 4750 | ||
| Cash (45000*101/100) | 45450 |
Note :
i)One quarter of bonds are redeemed (that is 1/4) = 180000*1/4 = 45000
Discount on bond payable :19000*1/4 = 4750
ii)Book value of bond redeemed = 45000-4750= 40250
Loss on sale =sale value - book value
= 45450 -40250
= 5200
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just problem 3
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