On January 1, 2018, Swifty Industries Inc. issued a $1,016,000, 10-year bond. The bond sold at 97, and paid 16% interest each January 1 and July 1. Swifty called at 105 and cancelled the bond on January 1, 2023. Assume the company used the straight-line method of amortization. (a1) Your answer is correct. Calculate the gain or loss on redemption. Loss on redemption of bond $ eTextbook and Media (a2) 66040 Date Account Titles January 1 Prepare the journal entry to record the early retirement of the bond. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Attempts: 1 of 3 used Debit Cred

On January 1, 2018, Swifty Industries Inc. issued a $1,016,000, 10-year bond. The bond sold at 97, and paid 16% interest each January 1 and July 1. Swifty called at 105 and cancelled the bond on January 1, 2023. Assume the company used the straight-line method of amortization. (a1) Your answer is correct. Calculate the gain or loss on redemption. Loss on redemption of bond $ eTextbook and Media (a2) 66040 Date Account Titles January 1 Prepare the journal entry to record the early retirement of the bond. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Attempts: 1 of 3 used Debit Cred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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