On January 2, 2015, Nash Corporation issued $1,900,000 of 10% bonds at 97 due December 31,...
On January 2, 2015, Nash Corporation issued $1,900,000 of 10%
bonds at 97 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 102 (i.e., at 102% of face amount), and
on January 2, 2020, Nash called $1,140,000 face amount of the bonds
and redeemed them.
Ignoring income taxes, compute the amount of loss, if any, to be
recognized by Nash as a result of retiring the $1,140,000 of bonds
in 2020. (Round answer to 0 decimal places, e.g.
38,548.)
| Loss on redemption | $enter a dollar amount of loss on redemption rounded to 0 decimal places |
Prepare the journal entry to record the redemption.
Homework Answers
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
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On January 2, 2015, Nash Corporation issued $1,900,000 of 10%
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On January 2, 2015, Marin Corporation issued $2,150,000 of 10% bonds at 98 due December 31,...
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
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Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 due...
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Current Attempt in Progress On January 2, 2015, Novak Corporation issued $1,150,000 of 10% bonds at...
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On January 2, 2015, Cullumber Corporation issued $2,250,000 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Cullumber called $1,350,000 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...
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...
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...
Exercise 14-12 On January 2, 2015, Swifty Corporation issued $2,100,000 of 10% bonds at 97 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Swifty called $1,260,000 face amount...
Current Attempt in Progress On January 2, 2015, Novak Corporation issued $1,150,000 of 10% bonds at 99 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 102 (i.e., at 102% of face amount), and on January 2, 2020, Novak called $690,000...
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