The Titan retires a $24.6 million bond issue when the carrying value of the bonds is $21.2 million, but the market value of the bonds is $27.8 million. The entry to record the retirement will include:   Multiple Choice   A debit of $6.6 million to a loss account.   No gain or loss on retirement.   A credit of $6.6 million to a gain account.   A credit to cash for $21.2 million.

Q: Health First Ltd. retires its 8% bonds for $74,000 before its maturity date. Carrying value at the…

A: b. Bonds Payable $78,693     Gain on Bonds Retirement 4,693     Cash 74,000To record the retirement…

Q: DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay interest…

A: The bonds payable are the financial instruments for the business which are issued to raise money…

Q: The Titan retires a $24.7 million bond issue when the carrying value of the bonds is $21.9 million,…

A: Given: Carrying value is $21.9 million Market value is $28.1 million

Q: The Viper retires a $497 millon bond issue when the carrying value of the bonds is $53.0 million,…

A: Gain(Loss) = Carrying value - Market value when retired = 53.0 million - 47.2 million = 5.8 million

Q: Coronado Industries retires its $680000 face value bonds at 103 on January 1, following the payment…

A: The redemption of bonds referrers when the issuer calls the bonds and pays the face value of bonds…

Q: The Titan retires a $249 million bond tssue when the carrying value of the bonds is $225 million,…

A: Gain(Loss) = Carrying value - Market value when retired = 22.5 million - 28.0 million = 5.5 million…

Q: None

A: EXPLANATION: Interest Received: This is calculated using the face value of the bond and the stated…

Q: Carla Vista Electric sold $3,950,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Introduction: Bonds payable refer to a liability on a company's balance sheet that represents the…

Q: A company retired $75 million of its 9% bonds at 102 ($76.5 million) before their scheduled…

A: Bonds payable = $75,000,000 (Given)Discount on bonds payable = $2,000,000Cash = ($75,000,000 * 1.02)…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: On January 1, 2021, Shay Company issues $350,000 of 10%, 15-year bonds. The bonds sell for $342,125.…

A: Bond :— It is one of the source of capital that pays fixed periodic interest and principal amount at…

Q: Premium Pizza retires its 7% bonds for $72,000 before their scheduled maturity. At the time, the…

A: Early retirement of bonds: it is the process of repaying the principal amount of bonds to…

Q: 1. What is the amount of the discount on the bonds at issuance? 2 How much amortis

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: At the end of the current year, the bond accounts of Hobeen Services showed the following balances:…

A: On the retirement of bonds: There will be cash outflow. Liabilities would be decreased. any…

Q: A $2,000,000 bond is issued on January 1, 20xx with a 9% stated interest rated. Interest is paid…

A: Bond Value=$2000,000 Interest Rate= 9% paid semiannually Maturity period= 10 years Amount in Bond…

Q: Required information [The following information applies to the questions displayed below.] On…

A: The bonds can be issued at a discount or premium. The bonds are issued at a price below the face…

Q: Robin Corporation retires its $800000 face value bonds at 104 on January 1, following the payment of…

A: Redemtption value refers to the price which is to be considered while purchasing the security for…

Q: Manji

A: Analyzing the Bond Retirement ScenarioThis task describes a scenario where Cyclop Company issued…

Q: A $530,000 bond issue on which there is an unamortized discount of $42,000 is redeemed for $476,000.…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: 7. Pink, Inc. had Bonds Payable of $80,000 as of April 17, 2015. Their Premium on Bonds Payable…

A: Gain (loss) on bonds retirement = Par value of bonds + Premium - Amount paid= $80000+$13000-$75000=…

Q: Jen Corporation retires its P 500,000 face value bonds at 105 on January 1, following the payment of…

A: Bonds when redeemed at more than the carrying value of the bonds they record loss .

Q: Godwin corporation retired its bonds at 105 on january 1 after the payment of interest. The face…

A: Bond retirement refers to the cancellation or repurchase of bonds that were earlier issued. The…

Q: On January 1, 2020, Concord Company purchased at face value, a $1060, 10% bond that pays interest on…

A: The interest earned during period but not received during period is recorded as interest receivable.…

Q: A $530,000 bond issue on which there is an unamortized discount of $37,000 is redeemed for $462,000.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sarasota Corp. retires its $928000 face value bonds at 105 on January 1, following the payment of…

A: Journal entry is a record of financial transaction in the books of accounts of a business. It has a…

Q: Josselle Corporation retires its bonds at 106 on January 1, after the payment of interest.The face…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Discount Pizza retires its 7% bonds for $68,000 before their scheduled maturity. At the time, the…

A: Given information is: Discount Pizza retires its 7% bonds for $68,000 before their scheduled…

Q: Assume bonds payable are amortized using the straight-line amortization method unless stated…

A: 1.

Q: 25.9 million bond issue when the carrying value of the bonds is $22.6 million, but the market value…

A: Journal entry A journal entry is a record of the business transactions within the accounting books…

Q: Assume a $500,000 face value bond is retired early for 98% of face value. At the time of early…

A: The bonds refer to a debt instrument. It is generally issued by government entities or corporations.…

Q: On January 1, 2020, a company issued $250000, 8%, 11-year bonds payable at 98. The market rate on…

A: Face value of bonds$250,000Less: Issued Price ($250,000 * 98%)$245,000Discount on bonds payable…

Q: A company has bonds outstanding with a par value of $100,000. The unamortized discount on these…

A: A bond is an instrument of raising funds. It has a fixed interest rate which is the paid by the…

Q: NYK, Inc.retires a $45 million bond issue when the carrying value of the bonds is $47 million, but…

A: When a company buys back bonds that it previously sold to investors, this is known as a bond…

Q: 3.On January 1, a company retired $800,000 face value bonds at a call price of 103. The bonds were…

A: The bonds payable are the long-term liabilities of the business. The bonds are issued to raise the…

Q: e entry to record the retirement will include:

A: When a company buys back bonds that it previously sold to investors, this is known as a bond…

Q: A company retired $85 million of its 5% bonds at 104 ($88.4 million) before their scheduled…

A: Journal entries are used to record accounting transactions in chronological order under double entry…

Q: Lakeside Magazine issued $390,000 of 15-year, 5% callable bonds payable on July 31, 2024, at 98. On…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Bsued at par and have a face value of $12,000,000. company make to record the bond retirement? Dr.…

A: When   a company retires bonds before its due date , there can be a gain or loss on retirement of…

Q: Duncan Manufacturing Inc. has $210,000 of 6% debenture bonds outstanding. The bonds were issued at…

A: Answer to Requirement 1: Face Value of Bonds = $210,000 Issue Value of Bonds = 111% * Face Value of…

Q: A $650,000 bond issue on which there is an unamortized discount of $45,00, is redeemed for $600,000.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A company has bonds outstanding with a par value of $100,000. The unamortized discount on these…

A: Carrying value = Face value - Unamortized discount Carrying value = $100,000 - $4,800 Carrying value…

Q: On January 1, 2021, Shay Company issues $300,000 of 10%, 15-year bonds. The bonds sell for $293,250.…

A: Bonds are the financial debt instruments which are issued with the purpose of raising the money from…