At December 31, 2017 the following balances existed on the books of Concord Corporation: Bonds Payable $6070000...
At December 31, 2017 the following balances existed on the books
of Concord Corporation:
| Bonds Payable | $6070000 | ||
| Discount on Bonds Payable | 845000 | ||
| Interest Payable | 145000 |
If the bonds are retired on January 1, 2018, at 101, what will
Concord report as a loss on redemption?
| $1050700 |
| $607000 |
| $905700 |
| $760700 |
Homework Answers
|
Loss on redemption = 6,070,000 * (101-100)% + 845,000 = 60,700 + 845,000 = 905,700 Option C is the answer |
|
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