Question: Bonds Payable has a balance of 5 000 000 and Discount on
Bonds Payable has a balance of $5,000,000 and Discount on Bonds Payable has a balance of $150,000. If the issuing corporation redeems the bonds at 98, is there a gain or loss on the bond redemption?
Answer to relevant QuestionsIn what section of the balance sheet would a bond payable be reported if: (a) It is payable within one year and (b) It is payable beyond one year?On the first day of the fiscal year, a company issues a $4,000,000, 6%, five-year bond that pays semiannual interest of $120,000 ($4,000,000 × 6% × ½), receiving cash of $4,175,041.Journalize the bond issuance.On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principal repayment.a. ...Yang Corporation wholesales repair products to equipment manufacturers. On May 1, 2014, Yang Corporation issued $20,000,000 of 10-year, 9% bonds at a market (effective) interest rate of 7%, receiving cash of $22,842,560. ...Iacouva Company reported the following on the company’s income statement for 2014 and 2013:.:.a. Determine the number of times interest charges are earned for 2014 and 2013. Round to one decimal place.b. What conclusions ...
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