On February 1, 2017, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired...
On February 1, 2017, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2018, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement?
rev: 02_22_2018_QC_CS-119332
Homework Answers
Answer: $72,800 gain
Calculations:
| Face value of the bonds | $1,000,000 |
| Add: Unamortized bond premium | $92,800 |
| Carrying value of the bonds | $1,092,800 |
| (less): Cash paid on retirement [$1,000,000 x 1.02] | ($1,020,000) |
| Gain on bond retirement | $72,800 |
Add Answer to:
On February 1, 2017, Pat Weaver Inc. (PWI) issued 10%,
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On January 1,2021,Katty Company issued$800,000 of 8%,10-year bonds for 97.Patty retired all of these bonds on...
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On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,800,000 bonds for $2,100,000. PWI retired all of these bonds on January 1, 2021, at 103. Unamortized bond premium on that date was $185,400. How much gain or loss should be recognized on this bond retirement? Multiple Choice o $131,400 gain. O sogon O $231,000 gain. o $198,000 gain
Saved 10 On February 1, 2020, Pat Weaver Inc. (PWI) issued 9%, $1,100,000 bonds for $1,400,000. PWI retired all of these bonds on January 1, 2021, at 105. Unamortized bond premium on that date was $115,500. How much gain or loss should be recognized on this bond retirement? Multiple Choice $126,000 gain. $99,000 gain. $60,500 gain. $0 gain.
Saved Help am #1 On February 1, 2020, Pat Weaver Inc. (PWI) issued 9%, $1,100,000 bonds for $1.400,000. PWI retired all of these bonds on January 1, 2021, at 105. Unamortized bond premium on that date was $115,500. How much gain or loss should be recognized on this bond retirement? Multiple Choice $126,000 gain. O $99,000 gain $60,500 gain
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