Homework Answers
| Discount on issue | 31000 | =1550000*(1-0.98) |
| Discount unamortized for 5 years | 15500 | =31000*5/10 |
| Discount unamortized relating to bonds redeemed | 9300 | =15500*930000/1550000 |
| a | ||
| Bonds redemption price | 939300 | =930000*1.01 |
| Less: Carrying value of Bonds redeemed | 920700 | =930000-9300 |
| Loss on redemption | 18600 | |
| b | ||
| Debit | Credit | |
| Bonds payable | 930000 | |
| Loss on redemption of Bonds | 18600 | |
| Discount on Bonds payable | 9300 | |
| Cash | 939300 |
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Exercise 14-12 On January 2, 2012, Martinez Corporation issued $1,550,000 of 10 % bonds at 98...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31,...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Metlock called $930,000 face amount of the...
Exercise 14-12 On January 2, 2015, Stellar Corporation issued $1,550,000 of 10% bonds at 98 due...
Exercise 14-12
On January 2, 2015, Stellar Corporation issued $1,550,000 of 10%
bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method.”)
The bonds are callable at 101 (i.e., at 101% of face amount), and
on January 2, 2020, Stellar called $930,000 face amount...
Exercise 14-12 On January 2, 2012, Waterway Corporation issued $1,100,000 of 10% bonds at 98 due December 31, 2021. Inte...
Exercise 14-12
On January 2, 2012, Waterway Corporation issued $1,100,000 of
10% bonds at 98 due December 31, 2021. Interest on the bonds is
payable annually each December 31. The discount on the bonds is
also being amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method”.)
The bonds are callable at 101 (i.e., at 101% of face amount), and
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Exercise 14-12 On January 2, 2012, Headland Corporation issued $2,150,000 of 10% bonds at 98 due...
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On January 2, 2012, Concord Corporation issued $2,250,000 of 10% bonds at 98 due December 31,...
On January 2, 2012, Concord Corporation issued $2,250,000 of 10%
bonds at 98 due December 31, 2021. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method”.)
The bonds are callable at 102 (i.e., at 102% of face amount), and
on January 2, 2017, Concord called $1,350,000 face amount of the...
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On January 2, 2015, Marin Corporation issued $2,150,000 of 10% bonds at 98 due December 31,...
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bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method.”)
The bonds are callable at 101 (i.e., at 101% of face amount), and
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On January 2, 2015, Grouper Corporation issued $2,050,000 of 10% bonds at 96 due December 31,...
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On January 2, 2015, Buffalo Corporation issued $1,650,000 of 10% bonds at 96 due December 31,...
On January 2, 2015, Buffalo Corporation issued $1,650,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Buffalo called $990,000 face amount of the...
On January 2, 2015, Metlock Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Metlock called $930,000 face amount of the...
Exercise 14-12
On January 2, 2015, Stellar Corporation issued $1,550,000 of 10%
bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method.”)
The bonds are callable at 101 (i.e., at 101% of face amount), and
on January 2, 2020, Stellar called $930,000 face amount...
Exercise 14-12
On January 2, 2012, Waterway Corporation issued $1,100,000 of
10% bonds at 98 due December 31, 2021. Interest on the bonds is
payable annually each December 31. The discount on the bonds is
also being amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method”.)
The bonds are callable at 101 (i.e., at 101% of face amount), and
on January 2, 2017, Waterway called $660,000 face amount...
On January 2, 2012, Concord Corporation issued $2,250,000 of 10%
bonds at 98 due December 31, 2021. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method”.)
The bonds are callable at 102 (i.e., at 102% of face amount), and
on January 2, 2017, Concord called $1,350,000 face amount of the...
On January 2, 2015, Marin Corporation issued $2,150,000 of 10%
bonds at 98 due December 31, 2024. Interest on the bonds is payable
annually each December 31. The discount on the bonds is also being
amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method.”)
The bonds are callable at 101 (i.e., at 101% of face amount), and
on January 2, 2020, Marin called $1,290,000 face amount of the...
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