Question

i need help please and if you could show your work , so i can understand thank you

Interest is paid annually eas CHECK FIGURE: C. Loss = $3,400 Solar Energy Inc. issued a $900,000, 5%, five-year bond on October 1, 2020. Interest is paid October 1. Solar's year-end is December 31. Required Using the amortization schedule provided below, record the entry to retire the bonde 2023, for cash of: a. $881,000 b. $883,500 c. $886,900 the bonds on October 1 Cash Interest Paid Period Interest Expense Discount Amort. Unamortized Discount Carrying Value Period Ending $ 6.725 7,129 Oct. 1/20 Oct. 1/21... Oct. 1/22. Oct. 1/23 Oct 1/24 Oct 1/25 $ 45,000 45,000 45,000 45,000 45,000 $225,000 $37.911 31,186 24,057 16,500 8,490 $ 51,725 52,129 52,557 53,010 53.490 $262.911 7,557 $862,089 868,814 875,943 883,500 891.510 900,000 8,010 8.490 $37,911

Answer 1

Case Credit JOURNAL ENTRIES IN THE BOOKS OF SOLAR ENERGY INC. Accounts and Titles Debit Bonds Payable $ 9,00,000 Gain on retirement of Bonds Payble Discount on Bonds Payable Cash |(To record Retirement of Bonds payable and Gain on retirement) $ $ $ 2,500 16,500 8,81,000 $ 9,00,000 Bonds Payable Discount on Bonds Payable Cash (To record Retirement of Bonds payable) $ $ 16,500 8,83,500 Bonds Payable $ 9,00,000 Loss on retirement of Bonds Payble 3,400 Discount on Bonds Payable Cash (To record Retirement of Bonds payable and loss on retirement) $ $ 16,500 8,86,900

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