1. The December 31, 2010, balance sheet of Ming Inc. included 12% bonds with a face amount...

Question:

1. The December 31, 2010, of Ming Inc. included 12% bonds with a face amount of $100 million. The bonds were issued in 1998 and had a remaining discount of $3,400,000 at December 31, 2010. On January 1, 2011, Ming called the bonds at a price of 102.
Required:
Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2011.

2. How do U.S. and International Financial Reporting Standards (IFRS) differ with respect to debt and equity for preferred stock?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...