Homework Answers
| Percentage on bonds to be amortized | 1260000/2100000 | 60% | |
| Cash to be paid on redemption | 1260000 x 1.02 | 1285200 | |
| Discount on issue | 2100000 x 3/100 | 63000 | |
| Discount to be annually amortized | 63000/10 | 6300 | |
| Discount amortized till jan 2 2020 | 6300 x 5 | 31500 | |
| Discount remaining to be amortized | 63000-31500 | 31500 | |
| Loss on redemption = Cash to be paid on redemption + unamortized discount payable - face value of bonds amortized | |||
| Loss on redemption = 1285200+31500-1260000=56700 | |||
| Bonds payable | 1260000 | ||
| Loss on redemption | 56700 | ||
| Discount on bond payable | 31500 | ||
| Cash ( 1260000 x 1.02) | 1285200 | ||
| ( Being 60% bond amortized) | |||
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amortized on a straight-line basis over the 10 years.
(Straight-line is not materially different in effect from the
preferable “interest method.”)
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(Straight-line is not materially different in effect from the
preferable “interest method.”)
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