Assume The Metro Toronto Zoo had $50,000 of bonds that were called after 4 years of issue while the maturity was 7 years on December 31, 2024, and the final interest payment has already been made. The Fair value of the bonds is $60000, and the company paid 5000 as retirement premature premium. The entry to record the issue and retirement of the bonds would be:
Assume The Metro Toronto Zoo had $50,000 of bonds that were called after 4 years of issue while the maturity was 7 years on December 31, 2024, and the final interest payment has already been made. The Fair value of the bonds is $60000, and the company paid 5000 as retirement premature premium. The entry to record the issue and retirement of the bonds would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Assume The Metro Toronto Zoo had $50,000 of bonds that were
called after 4 years of issue while the maturity was 7 years on
December 31, 2024, and the final interest payment has already
been made. The Fair value of the bonds is $60000, and the
company paid 5000 as retirement premature premium.
The entry to record the issue and retirement of the bonds would
be:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b36df39-ab49-4ea5-ae52-81cd20e2fcba%2F0ee8c5e3-e5f2-441c-aa35-91d93a79064b%2Frjb3vsg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume The Metro Toronto Zoo had $50,000 of bonds that were
called after 4 years of issue while the maturity was 7 years on
December 31, 2024, and the final interest payment has already
been made. The Fair value of the bonds is $60000, and the
company paid 5000 as retirement premature premium.
The entry to record the issue and retirement of the bonds would
be:
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