What amount should be recognized as gain or loss on bond retirement on June 30, 2022?
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On January 2021, an entity issued 5-year 5,000 bonds face amount of P1,000 per bond for P5,380,000 to yield 10%. Interest 12% is payable annually every December 31. On June 30, 2022, the entity retired 2,000 bonds at 96 plus accrued interest. What amount should be recognized as gain or loss on bond retirement on June 30, 2022?
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- On December 31, 2020, the liability section of Martin Luther Company's statement of financial position included 10% bonds payable of P10,000,000 and unamortized premium on bonds payable of P180,000. Further verification revealed that these bonds were issued on December 31, 2018 and will become due on December 31, 2028. Interest at 12% is payable every December 31. On April 1, 2021, Martin Luther retired P4,000,000 of these bonds at 97 plus accrued interest. How much was the gain or (loss) on the retirement of bonds on April 1, 2021? Enclosed in parenthesis in case of loss.On March 1, 2021, JebaMac Company issued 7% term bonds with a face amount of P2,000,000 due March 1, 2025. Interest is payable semiannually on September 1 and March 1. On the date of issue, the effective interest rate is 6%. Round off PV factors to 4 decimals. Assuming the bonds were retired on June 30, 2021 at 102, inclusive of any accrued interest, what is the gain or (loss) on retirement of bonds?On January 1, 2025, Entity D issued $1,000,000 of 7%, 5-year bonds at 98. The bonds pay interest annually on December 31 and Entity D amortizes any premium or discount using the straight-line method. What is the annual interest expense on the bonds? $66,000. $74,000. $4,000. $70,000.
- The December 31, 2021, statement of financial position of Bordeaux Corporation includes the following items: 9% bonds payable due December 31, 2028 P3,081,000 The bonds were issued on December 31, 2018, and have a face amount of P3,000,000 with interest payable semi-annually on July 1 and December 31 of each year. On January 1, 2022, Bordeaux retired P1,000,000 of these bonds at 98. What amount should Bordeaux report on the company’s 2022 income statement as gain or loss on the retirement of the bonds?Subject:: accountingOn January 1, 2019, Assarain Concrete issued bonds with a face value of OMR 100,000 at 97, due in January 1, 2029. On January 1, 2025, the entire issue was retired at 100 and cancelled. How much is the gain or loss from retirement of bonds? a. Loss RO 900 b. Loss RO 1,200 c. Gain RO 1,200 d. Gain RO 900
- On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2021, but the bonds were not issued until April 30, 2021. They were issued at face value. a. Prepare the journal entry at April 30, 2021, to record the sale of the bonds. b. Prepare the journal entry at September 30, 2021, to record the semiannual bond interest payment. c. Prepare the adjusting entry at December 31, 2021, to record bond interest expense accrued since September 30, 2021. (Assume that no monthly adjusting entries to accrue interest expense had been made prior Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The Vaughn Company issued $330,000 of 7% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 101.Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Vaughn Company records straight-line amortization semiannuallyOn July 1, 2019, Montana Company has bonds with balances as shown below. Bonds Payable 70,000 Discount on Bonds Payable 3600 If the company retires the bonds for $71,150, what will be gain or loss on the retirement.
- On March 31, 2021, Gardner Corporation received authorization to issue $80,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated March 31, 2021, but the bonds were not issued until April 30, 2021. They were issued at face value. a. Prepare the journal entry at April 30, 2021, to record the sale of the bonds. b. Prepare the journal entry at September 30, 2021, to record the semiannual bond interest payment. c. Prepare the adjusting entry at December 31, 2021, to record bond interest expense accrued since September 30, 2021. (Assume that no monthly adjusting entries to accrue interest expense had been made prior to December 31, 2021.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the sale of bonds. Note: Enter debits before credits. Date Apr 30, 2021 Record entry General Journal Clear entry Debit…On January 1, 2018, loren inc. issued $2,000,000, 9%, 5-year bonds dated January 1, 2018, at $1,920,000. The bonds pay semiannual interest on January 1 and July 1. The company uses the straight-line method of amortization and has a calendar year end. Prepare all the journal entries that Lester Corporation would make related to this bond issue through January 1, 2019. Be sure to indicate the date on which the entries would be made.2
