Can you please breakdown how to calculate
the missing figure?
Homework Answers
face value of bonds = $500,000
Carrying value of bonds = $508,000
Unamortized bond premium = Carrying value of bonds - face value of bonds
= 508,000 - 500,000
= $8,000
Bonds were retired at 96
Cash paid to retire bonds = 500,000 x 96%
= $480,000
Gain on bond redemption = Carrying value of bonds - Cash paid to retire bonds
= 508,000 - 480,000
= $28,000
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| Bonds payable | 500,000 | ||
| Premium on bonds payable | 8,000 | ||
| Gain on bond redemption | 28,000 | ||
| Cash | 480,000 |
Add Answer to:
Can you please breakdown how to calculate the missing figure?
Exercise 175 your answer is partially...
what is the gain on bond redemption? please show work (b) Your answer is partially correct....
what is the gain on bond redemption? please show work
(b) Your answer is partially correct. Skysong, Inc. redeemed $163,0000 face value, 13.5% bonds on June 30,2022, at 98. The carrying value of the bonds at the redemption date was $176,040. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000 of 12-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $481,120, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Premium on Bonds Payable Discount on Bonds Payable Discount...
Oriole Company issued $2,430,000 of bonds on January 1, 2020. Your answer is partially correct. Try...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
Pharoah Company issued $520,000, 15-year, 6% bonds at 96. (a) - Your answer is partially correct....
Pharoah Company issued $520,000, 15-year, 6% bonds at 96. (a) - Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Premium on Bonds Payable Bonds Payable
Please help determine items in red! Thanks. Exercise 16-14 Your answer is partially correct. Try again....
Please help determine items in red! Thanks.
Exercise 16-14 Your answer is partially correct. Try again. Tweedie Company issues 10,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $500,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1,...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
The following section is taken from Sheridan Corp.'s balance sheet at December 31, 2019 Current liabilities...
The following section is taken from Sheridan Corp.'s balance sheet at December 31, 2019 Current liabilities $ 134,550 Interest payable Long-term liabilities Bonds payable, 9%, due January 1, 2024 1,495,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Your answer is correct. Journalize the payment of the bond interest on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles andExplanation Debit...
If you can give me explanations that would be helpful, thanks. The following is taken from the Sandhill Company balance...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
Exercise 10-13 The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2014....
Exercise 10-13 The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2014. $ 73,170 Current liabilities Interest payable Long-term liabilities Bonds payable, 9%, due January 1, 2019 1,626,000 Bond interest is payable semiannually on January 1 and July 1. The bonds are callable on any interest date. Your answer is correct. Journalize the payment of the bond interest on January 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
what is the gain on bond redemption? please show work
(b) Your answer is partially correct. Skysong, Inc. redeemed $163,0000 face value, 13.5% bonds on June 30,2022, at 98. The carrying value of the bonds at the redemption date was $176,040. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date...
Do It! Review 10-3b Your answer is partially correct. Try again. Pina Colade Corp. issued $496,000 of 12-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $481,120, the company redeemed the bonds at 98. Prepare the entry to record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Premium on Bonds Payable Discount on Bonds Payable Discount...
Oriole Company issued $2,430,000 of bonds on January 1,
2020.
Your answer is partially correct. Try again.
Prepare the journal entry to record the issuance of the bonds if
they are issued at (1) 100, (2) 98, and (3) 101.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
LINK TO TEXT
Your answer is incorrect. Try again.
Prepare the journal entry to record the...
Pharoah Company issued $520,000, 15-year, 6% bonds at 96. (a) - Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Premium on Bonds Payable Bonds Payable
Please help determine items in red! Thanks.
Exercise 16-14 Your answer is partially correct. Try again. Tweedie Company issues 10,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $500,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
Cullumber Company issued $456,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, 2022. (c) The payment of interest on January 1, 2023....
The following section is taken from Sheridan Corp.'s balance sheet at December 31, 2019 Current liabilities $ 134,550 Interest payable Long-term liabilities Bonds payable, 9%, due January 1, 2024 1,495,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Your answer is correct. Journalize the payment of the bond interest on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles andExplanation Debit...
If you can give me explanations that would be helpful,
thanks.
The following is taken from the Sandhill Company balance sheet. Sandhill Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) Long-term Liabilities Bonds payable, 9% due January 1, 2028 Add: Premium on bonds payable $271,800 $3,020,000 212,000 $3,232,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sandhill uses straight-line amortization...
Exercise 10-13 The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2014. $ 73,170 Current liabilities Interest payable Long-term liabilities Bonds payable, 9%, due January 1, 2019 1,626,000 Bond interest is payable semiannually on January 1 and July 1. The bonds are callable on any interest date. Your answer is correct. Journalize the payment of the bond interest on January 1, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Most questions answered within 3 hours.
-
What would be the vapor pressure of water at 96°C above a
solution made by dissolving...
asked 6 minutes ago -
Hydration of norbornene
Write the reaction. Discuss the intermediate. Explain how the
equilibrium in the reaction...
asked 13 minutes ago -
While Dime Community Bank is based in Brooklyn; management has
decided to focus its lending activity...
asked 12 minutes ago -
Suppose that a party wanted to enter an FRA that expires in 42
days and is...
asked 13 minutes ago -
ABC Ltd. estimated that a new store requires an initial
investment of $800,000. This new store...
asked 14 minutes ago -
1. Review the Nike’s marketing strategy. You must include the
company’s target market, possible market segmentation,...
asked 27 minutes ago -
One of the major advantages of ______________ is to enhance
security for private networks by keeping...
asked 33 minutes ago -
Book:
Title: Framework for
Marketing Management, 15th edition
Author/s: Philip T.
Kotler, Kevin Lane Keller
1....
asked 42 minutes ago -
Given Uber’s recent corporate turbulence and ongoing
initiatives, provide a holistic situational analysis of the
environment...
asked 45 minutes ago -
A sculptor has hung up a 42.0 kg horizontal rod of length 4.80 m
. One...
asked 48 minutes ago -
What is the purpose of the 2' hydroxyl group in RNA? What is
the reason this...
asked 1 hour ago -
You currently have 20,000X ethidium bromide. You want to make
250 mL of 1X ethidium bromide...
asked 1 hour ago