Homework Answers
Gain or loss on retirement = ($1,100,000/100*105) - ($1,100,000+115,500)
Gain or loss on retirement = $1,155,000 - $1,215,500
Gain on retirement = $60,500
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Saved 10 On February 1, 2020, Pat Weaver Inc. (PWI) issued 9%, $1,100,000 bonds for $1,400,000....
Saved Help am #1 On February 1, 2020, Pat Weaver Inc. (PWI) issued 9%, $1,100,000 bonds...
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
On February 1, 2020, Pat Weaver Inc. (PWI) issued 7%, $1,600,000 bonds for $1,900,000. PWI retired...
On February 1, 2020, Pat Weaver Inc. (PWI) issued 7%, $1,600,000 bonds for $1,900,000. PWI retired all of these bonds on January 1, 2021, at 104. Unamortized bond premium on that date was $166,400. How much gain or loss should be recognized on this bond retirement? Multiple Choice $112,000 gain. $0 gain. $102,400 gain. $133,000 gain.
On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,800,000 bonds for $2,100,000. PWI retired...
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
On February 1, 2020, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired...
On February 1, 2020, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2021, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement? $96,000 gain. $111,800 gain. $72,800 gain. $0 gain.
On February 1, 2017, Pat Weaver Inc. (PWI) issued 9%, $1,900,000 bonds for $2,200,000. PWI retired all of these bonds o...
On February 1, 2017, Pat Weaver Inc. (PWI) issued 9%, $1,900,000 bonds for $2,200,000. PWI retired all of these bonds on January 1, 2018, at 103. Unamortized bond premium on that date was $195,700. How much gain or loss should be recognized on this bond retirement? Multiple Choice $171,000 gain. Ο $138,700 gain. Ο Ο $0 gain. Ο $198,000 gain.
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
MSG Corporation issued $100,000 of 3-year, 6% bonds outstanding on December 31, 2020 for $106,000. The...
MSG Corporation issued $100,000 of 3-year, 6% bonds outstanding on December 31, 2020 for $106,000. The bonds pay interest annually and MSG uses straight-line amortization. On May 1, 2021, $10,000 of the bonds were retired at 112. As a result of the retirement, MSG will report: Multiple Choice a $600 loss. a $667 loss. a $1,200 loss. a $1,200 gain.
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually...
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually on January 31 and July 31 with the bonds maturing on February 1, 2029 (10-year bonds). The bonds are callable at 102 On February 1, 2020, Mojito retired $600,000 of the bonds at the call price. Required: a. Prepare the journal entry for the issuance of the bonds b. Prepare any required journal entries for interest payments on July 31, 2019 and January 31,...
MSG Corporation issued $102,000 of 3-year, 5% bonds outstanding on December 31, 2020 for $107,000. The...
MSG Corporation issued $102,000 of 3-year, 5% bonds outstanding on December 31, 2020 for $107,000. The bonds pay interest annually and MSG uses straight-line amortization. On May 1, 2021, $10,200 of the bonds were retired at 112. As a result of the retirement, MSG will report: (Do not round intermediate calculations and round final answer to nearest whole dollar.) Multiple Choice a $724 loss. a $780 loss. a $1,448 loss. a $1,448 gain.
A corporation issued 8% bonds with a par value of $1,240,000, receiving a $68,000 premium. On...
A corporation issued 8% bonds with a par value of $1,240,000, receiving a $68,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 99 and retired it. The gain or loss on this retirement is: Multiple Choice $12,400 gain. $53,200 gain. $53,200 loss. $0. $12,400 loss.
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
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
On February 1, 2020, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2021, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement? $96,000 gain. $111,800 gain. $72,800 gain. $0 gain.
On February 1, 2017, Pat Weaver Inc. (PWI) issued 9%, $1,900,000 bonds for $2,200,000. PWI retired all of these bonds on January 1, 2018, at 103. Unamortized bond premium on that date was $195,700. How much gain or loss should be recognized on this bond retirement? Multiple Choice $171,000 gain. Ο $138,700 gain. Ο Ο $0 gain. Ο $198,000 gain.
2. On February 1, 2019, Mojito, Inc, issued $1,000,000,6% bonds for $1,082,000. Interest is payable semiannually on January 31 and July 31 with the bonds maturing on February 1, 2029 (10-year bonds). The bonds are callable at 102 On February 1, 2020, Mojito retired $600,000 of the bonds at the call price. Required: a. Prepare the journal entry for the issuance of the bonds b. Prepare any required journal entries for interest payments on July 31, 2019 and January 31,...
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