Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Bonds payable | 20 | ||
| Gain on retirement | 3 | ||
| Discount on bonds payable | 2 | ||
| cash | 15 |
So answer is b) A credit of $3 million to a gain account
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21. Because interest rates have fallen, a company retires bonds which had been issued at their...
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Question 4 A $550000 bond was retired at 102 when the carrying value of the bond...
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QUESTION 4 "Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $385000. The entry to record the redemption will include a debit of 58000 to Premium on Bonds Payable. credit of $15000 to Loss on Bond Redemption credit of $15000 to Discount on Bonds Payable. debit of $23000 to Gain on Bond Redemption,
Question 3 A $515000 bond was retired at 98 when the carrying value of the bond was $505000. The entry to record the retirement would include a gain on bond redemption of $10000. loss on bond redemption of $10000. loss on bond redemption of $300. O gain on bond redemption of $300. Click if you would like to Show Wartortle
21. Because interest rates have fallen, a company retires bonds which had been issued at their face value of $340,000. The company bought the bonds back at 96.00. The journal entry to record this retirement includes a debit of. A) $326,400 to Bonds Payable, a debit to Gain on Bond Retirement of $13,600 and a credit of $340,000 to Cash B) $326,400 to Bonds Payable and a credit of $326,400 to Cash. C) $340,000 to Bonds Payable, a credit of...
Question 4 A $550000 bond was retired at 102 when the carrying value of the bond was $582000. The entry to record the retirement would include a loss on bond redemption of $11000 gain on bond redemption of $21000 gain on bond redemption of $11000, loss on bond redemption of $21000, Click if you would like to Show Work for this question: Open Show Work
Pizza Pier retires its 6% bonds for $70,800 before their scheduled maturity. At the time, the bonds have a face value of $72,800 carrying value of $74,985. Record the early retirement of the bonds. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the early retirement of the bonds. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry...
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