An investment in bonds with a book value of $125,700 is sold for $132,000. The gain or loss on the sale of the bond investments is: A. loss of $6,300 B. gain of $6,300 C. loss of $125,700 D. gain of $132,000
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- What is the net cash received over the life of the bond investment?If the bonds payable account has a balance of $900,000 and the discount on bonds payable account has a balance of $72,000, what is the carrying amount of bonds? A. $828,000 B. $900,000 C. $972,000 D. $580,000A bond is issued at a price of 103 and retired early at aprice of 97. Which of the following is true?a. A gain will be reported on the income statement whenthe bond is issued.b. A loss will be reported on the income statement whenthe bond is issued.c. A gain will be reported on the income statement whenthe bond is retired.d. A loss will be reported on the income statement whenthe bond is retired.
- Annapolis Company purchased a $3,000, 6%, 6-year bond at 101 and held it to maturity. The straight-line method of amortization is used for both premiums and discounts. What is the net cash received over the life of the bond investment?If the Bonds Payable account has a balance of $700,000 and the Discount on Bonds Payable account has a balance of $36,000, what is the carrying value of the bonds? Carrying value of the bonds $Please show your work.
- 12/31, a bond (Trading) has an amortized cost/FV of $800,000/ $825,000. Its FV adj. account had a debit bal. of $20,000 on 1/1. What is the FV adjust. related amount on the IS? Unrealized gain of $5,000. $0. Unrealized loss of $5,000. Realized loss of $5,000Irving Inc. sold bonds with a $50,000, 10% interest, and 10-year term at $52,000. What is the total amount of interest expense over the life of the bonds?Starmount Inc. sold bonds with a $50,000 face value, 12% interest, and 10-year term at $48,000. What is the total amount of interest expense over the life of the bonds?
- What is the journal entry for the redemption of the bond? A Loss on bond redemption $4K B Gain on bond redemption $4K C Loss on Bond Redemption $2K(Debt Investments) Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale. 12/31/17 12/31/18 12/31/19 Amortized cost $491,150 $519,442 $550,000 Fair value 497,000 509,000 550,000 Instructions(a) Indicate whether the bonds were purchased at a discount or at a premium.(b) Prepare the adjusting entry to record the bonds at fair value at December 31, 2017. The Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.(c) Prepare the adjusting entry to record the bonds at fair value at December 31, 2018.Given that a bond's carrying value is $185,000 and the fair value is $183,000, what is the journal entry to record the unrealized holding gain? Would it be a debit or credit to unrealized holding gain? Likewise, if this was a loss, would it be debit or credit to unrealized holding loss? Thanks!