Homework Answers
Add Answer to:
Determining Gain or Loss on Bond Redemption On April 30, one year before maturity, Middleton Company...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross bonds payable at the current market price of 98% of the face amount (or 0.98 × $1,200,000 = $1,176,000. The bond book value on September 21 is $1,150,000, reflecting an unamortized discount of $50,000. Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds? Ignore fees.
Novak Company had bonds outstanding with a maturity value of $312,000. On April 30, 2020, when...
Novak Company had bonds outstanding with a maturity value of $312,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Novak had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $312,000). Ignoring interest, compute the gain or loss. Loss on redemption $ Ignoring...
***Please explain how to get •interest payable •discount on bonds payable •loss on redemption of bonds...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
Ayayai Company had bonds outstanding with a maturity value of $ 313,000. On April 30, 2017,when...
Ayayai Company had bonds outstanding with a maturity value of $ 313,000. On April 30, 2017,when these bonds had an unamortized discount of $ 9,000, they were called in at 104. To pay for these bonds, Ayayai had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $ 313,000) lgnoring interest, compute the gain or loss. Loss on redemption...
Exercise 14-15 Pharoah Company had bonds outstanding with a maturity value of $272,000. On April 30,...
Exercise 14-15 Pharoah Company had bonds outstanding with a maturity value of $272,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Pharoah had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $272,000). Ignoring interest, compute the gain or loss. Loss on redemption...
Exercise 14-15 Marigold Company had bonds outstanding with a maturity value of $272,000. On April 30,...
Exercise 14-15 Marigold Company had bonds outstanding with a maturity value of $272,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Marigold had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $272,000) Ignoring interest, compute the gain or loss. Loss on redemption...
Question 6 Not yet answered Marked out of 1.00 P Flag question On April 30, 2021,...
Question 6 Not yet answered Marked out of 1.00 P Flag question On April 30, 2021, one year before maturity, Pearson Corporation retired $500,000 of 6% bonds payable at 102. The book value of the bonds on April 30 was $492,500. Bond interest was last paid on April 30, 2021. What is the gain or loss on the retirement of the bonds? Select one: A. $7,500 gain B. $17,500 loss C. $17.500 D. $7,500 gain
S9-10. (Learning Objective 3: Account for a bond payable retirement before maturity) Jamison Corporation has $300...
S9-10. (Learning Objective 3: Account for a bond payable retirement before maturity) Jamison Corporation has $300 million of debenture bonds outstanding that have an unamortized discount of $30 million. Lower interest rates convinced the company to pay off the bonds now by purchasing them on the market where the price of the bonds is 98. What is Jamison's gain or loss on the retirement of the bonds? How would this gain or loss be shown in the financial statements?
tion of premium on the bonds E14-15 (L01, 2) (Entries for Redemption and Issuance of Bonds)...
tion of premium on the bonds E14-15 (L01, 2) (Entries for Redemption and Issuance of Bonds) Jason Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Day had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued...
Bramble Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2020, when...
Bramble Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2020, when these bonds had an unamortized discount of $11,000, they were called in at 106. To pay for these bonds, Bramble had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 11 years. The new bonds were issued at 105 (face value $550,000). Issue costs related to the new bonds were $2,600. All issue costs...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
Ayayai Company had bonds outstanding with a maturity value of $ 313,000. On April 30, 2017,when these bonds had an unamortized discount of $ 9,000, they were called in at 104. To pay for these bonds, Ayayai had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $ 313,000) lgnoring interest, compute the gain or loss. Loss on redemption...
Exercise 14-15 Pharoah Company had bonds outstanding with a maturity value of $272,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Pharoah had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $272,000). Ignoring interest, compute the gain or loss. Loss on redemption...
Exercise 14-15 Marigold Company had bonds outstanding with a maturity value of $272,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Marigold had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $272,000) Ignoring interest, compute the gain or loss. Loss on redemption...
Question 6 Not yet answered Marked out of 1.00 P Flag question On April 30, 2021, one year before maturity, Pearson Corporation retired $500,000 of 6% bonds payable at 102. The book value of the bonds on April 30 was $492,500. Bond interest was last paid on April 30, 2021. What is the gain or loss on the retirement of the bonds? Select one: A. $7,500 gain B. $17,500 loss C. $17.500 D. $7,500 gain
S9-10. (Learning Objective 3: Account for a bond payable retirement before maturity) Jamison Corporation has $300 million of debenture bonds outstanding that have an unamortized discount of $30 million. Lower interest rates convinced the company to pay off the bonds now by purchasing them on the market where the price of the bonds is 98. What is Jamison's gain or loss on the retirement of the bonds? How would this gain or loss be shown in the financial statements?
tion of premium on the bonds E14-15 (L01, 2) (Entries for Redemption and Issuance of Bonds) Jason Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Day had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued...
Most questions answered within 3 hours.
-
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 43 minutes ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 1 hour ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 2 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 2 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 5 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 5 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 5 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 6 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 7 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 6 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 6 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 7 hours ago