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24. A Company retired $930,000 of bonds which have an unamortized discount of $33,000, by paying...
A company retired $530,000 of bonds, which have an unamortized discount of $13,000, by repurchasing them...
A company retired $530,000 of bonds, which have an unamortized discount of $13,000, by repurchasing them for $530,000. What is the amount of the gain or loss on the retirement of the bonds? Multiple Choice Ο ) There was a $13,000 gain, Ο There was a $13,000 loss. Ο There was a $530,000 loss. Ο There was no gain or loss.
6. A company has bonds outstanding with a par value of $200,000. The unamortized discount on...
6. A company has bonds outstanding with a par value of $200,000. The unamortized discount on these bonds is $4,500. The company retired bonds by buying them on the open market at $195,000. What is the gain or loss on this retirement? A. $0 gain or loss B. $5,000 loss C. $5,000 gain D. $500 loss E. $500 gain (show your work please)
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of...
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of $500,000, 12% stated rate for $505,000 cash. At that date there was unamortized bond discount of $10,000 on the books. What is the overall net amount of gain or loss the company would show on the retirement of the bonds payable? a. $ 15,000 gain b. $ 18,000 loss c. $ 12,000 loss d. $ 12,000 gain e.$ 15,000 loss
Bibby Company retired a $900,000, 7% bond issue at 98. If the unamortized discount is $7,200, the...
Bibby Company retired a $900,000, 7% bond issue at 98. If the unamortized discount is $7,200, the entry will include a: A. Credit to gain on bond retirement for $10,800 B. Credit to gain on bond retirement for $7,200 C. Debit to loss on bond retirement for $7,200 D. Debit to loss on bond retirement for $10,800 2. Moonbeam Company has the following monthly payroll for June, 2016: Total salaries $216,000 Salaries subject to FICA taxes (6.2% + 1.45%) 216,000...
(Please show work) Campbell Corporation has $100 million of debenture bonds outstanding that have an unamortized...
(Please show work) Campbell Corporation has $100 million of debenture bonds outstanding that have an unamortized discount of $27 million. Lower interest rates convinced the company to pay off the bonds now by purchasing them on the market where the price of the bonds is 90. What is Campbell's gain or loss on the retirement of the bonds? How would this gain or loss be shown in the financial statements? What is Campbell's gain or loss on the retirement of...
Can someone explain how to do #8? 8. On July 1, 2019 a company retired one-half...
Can someone explain how to do #8?
8. On July 1, 2019 a company retired one-half of its $900,000,6% bonds by purchasing the bonds on the bond market at 98. The bonds pay semi-annual interest and have an unamortized discount on the date of retirement of $38,426. The entry to record the retirement of this debt would include: A. B. C. D. E. A debit to loss of $10,213 A debit to bond payable for $430,787 A debit to gain...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017 Alpha had accrued the interest payment for $250. At the date of retirement, the unamortized discount on the bonds was $400. Use this information to determine the dollar value of Alpha Company's: (Round all dollar values to the nearest whole dollar.) 1. Gain or Loss on Retirement of Bond: enter any loss dollar & amount inside of brackets ) 2. Cash paid to retire...
What’s the answers 24) Which of the following describes a serial bond? 24) A) a bond...
What’s the answers
24) Which of the following describes a serial bond? 24) A) a bond that matures at one specified time в) a bond that is not backed by specific assets C) a bond that matures in installments at regular intervals D) a bond that gives the bondholder a claim for specific assets 25) A bond is issued at premium_ 25) A) when a bond's stated interest rabe is higher than the market interest rale B) when a bond's...
MSG Corporation has $1,000,000 of 10-year, 6% bonds outstanding on December 31, 2018. The bonds have...
MSG Corporation has $1,000,000 of 10-year, 6% bonds outstanding on December 31, 2018. The bonds have 3 years remaining to maturity. Assume interest is paid at the end of each month. The unamortized premium remaining on these bonds was $60,000. MSG uses straight-line amortization, so the unamortized premium would be $40,000 on December 31, 2019, provided none of the bonds had been retired before that day. 2. On May 1, 2019, $100,000 of the bonds were retired at 112. How...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross...
On September 21, one year before maturity, Duller Image, Inc., retired $1,200,000 of its 5% gross bonds payable at the current market price of 98% of the face amount (or 0.98 × $1,200,000 = $1,176,000. The bond book value on September 21 is $1,150,000, reflecting an unamortized discount of $50,000. Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds? Ignore fees.
A company retired $530,000 of bonds, which have an unamortized discount of $13,000, by repurchasing them for $530,000. What is the amount of the gain or loss on the retirement of the bonds? Multiple Choice Ο ) There was a $13,000 gain, Ο There was a $13,000 loss. Ο There was a $530,000 loss. Ο There was no gain or loss.
Can someone explain how to do #8?
8. On July 1, 2019 a company retired one-half of its $900,000,6% bonds by purchasing the bonds on the bond market at 98. The bonds pay semi-annual interest and have an unamortized discount on the date of retirement of $38,426. The entry to record the retirement of this debt would include: A. B. C. D. E. A debit to loss of $10,213 A debit to bond payable for $430,787 A debit to gain...
On August 1, 2017, Alpha Company' retired a $10,000 bond at 102. On July 31, 2017 Alpha had accrued the interest payment for $250. At the date of retirement, the unamortized discount on the bonds was $400. Use this information to determine the dollar value of Alpha Company's: (Round all dollar values to the nearest whole dollar.) 1. Gain or Loss on Retirement of Bond: enter any loss dollar & amount inside of brackets ) 2. Cash paid to retire...
What’s the answers
24) Which of the following describes a serial bond? 24) A) a bond that matures at one specified time в) a bond that is not backed by specific assets C) a bond that matures in installments at regular intervals D) a bond that gives the bondholder a claim for specific assets 25) A bond is issued at premium_ 25) A) when a bond's stated interest rabe is higher than the market interest rale B) when a bond's...
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