The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000
The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000. Disclosure notes indicate the bonds were issued to yield 7%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Northwest retired the bonds at 101 before their scheduled maturity. What is the amount of gain (loss) on early extinguishment of bonds?
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The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000
The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4%...
The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000. Disclosure notes indicate the bonds were issued to yield 7%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Northwest retired the bonds at 101 before their scheduled maturity. What is the amount of gain (loss)...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 14% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 101 ($40.4 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 12% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 103 ($41.2 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $25 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($25.5 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $45 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 104 ($46.8 million) before their scheduled maturity. Required:...
Check my work The long-term liability section of Twin Digital Corporation's balance sheet as of December...
Check my work The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 12% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($51.0 million) before their...
Problem 14-15 Early extinguishment; effective interest [LO14-5 The long-term liability section of Twin Digital Corporation's balance...
Problem 14-15 Early extinguishment; effective interest [LO14-5 The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2017, included 12% bonds having a face amount of $35 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 104...
The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2020, included...
The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On January 1, 2021, Eastern Post retired some of the bonds before their scheduled maturity. Required: Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below: 1. Eastern Post called half the bonds at the call price...
The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017, included...
The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017, included 12% bonds having a face amount of $30 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 102 ($30.6 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017, included...
The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2017, included 12% bonds having a face amount of $25 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 104 ($26.0 million) before their scheduled maturity. Required:...
The long-term liability section of Northwest Corporation's balance sheet as of December 31, 2020, included 4% bonds having a face amount of $500,000 and a remaining discount of $90,000. Disclosure notes indicate the bonds were issued to yield 7%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Northwest retired the bonds at 101 before their scheduled maturity. What is the amount of gain (loss)...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 14% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 101 ($40.4 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 12% bonds having a face amount of $40 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 103 ($41.2 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $25 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($25.5 million) before their scheduled maturity. Required:...
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $45 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 104 ($46.8 million) before their scheduled maturity. Required:...
Check my work The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 12% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 102 ($51.0 million) before their...
Problem 14-15 Early extinguishment; effective interest [LO14-5 The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2017, included 12% bonds having a face amount of $35 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 104...
The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On January 1, 2021, Eastern Post retired some of the bonds before their scheduled maturity. Required: Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below: 1. Eastern Post called half the bonds at the call price...
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