Question: 7. NOP Corp issued a bond a few years ago. It has a face value of $100,000 and a current balance in the bond discount

7. NOP Corp issued a bond a few years ago. It

7. NOP Corp issued a bond a few years ago. It has a face value of $100,000 and a current balance in the bond discount of $4,800. Though the bond will mature in 3 years, NOP decides to retire/extinguish the bond carly. When retiring, the bond was trading at a price of 98.2. Show the journal entry for this retirement.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Case: In the United States, organ procurement organizations (OPOS), transplant centres, and the medical professions coordinate the organ donation process. The US government pays for this treatment...

1. (10%) Hercules Corp issued a $1,000 bond 10 years ago with an initial term of 25 yearsand a coupon rate of 7%. Today comparable bonds yield 11%. a. What is the price of the bond today? b. What is...

1. Suppose today a 10 percent coupon bond sells at par. Two years from now, the required return on the same bond is 8 percent. What is the coupon rate on the bond? What is the YTM on the bond? 2....

For each of the following pairs of Treasury securities (each with $1000 par value), identify which will have the higher price: a. A three-year zero-coupon bond or a five-year zero-coupon bond? b. A...

1. Sand Sweet Corp. issued 20 year bonds three years ago (maturity 2036) with a 7% coupon, with interest paid semi-annually. Market and company circumstances have changed so that the current risk...

Hi, I need help with these financial economics practice problems - i feel that if i understand these problems, I will be able to better understand my homework. Financial Economics Johns Hopkins...

PLEASE POST THE EXCEL FORULUMAS AND SOLVE IN EXCEL!!!!! 2. The following table shows information about an Amazon.com bond as of July 19, 2017: Amazon.com Bond Information Settlement 7/21/2017...

Can someone please help me!!! im struggling with these questions 1) Which of the following is not an example of a definitely determinable liability? A) Payroll taxes payable. B) Pending Litigation....

9) A bond has eight years to maturity, a $1000 face value, and 6.2% coupon rate with annual coupons. What is the current yield to maturity if the current trading is at $800.25? Each question is worth...

Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare...

4) A bond has five years to maturity, a S2000 face value, and a 63% coupon rate with annual coupons. What is its yield to maturity if it is currently trading at $1747 1? A) 9.60% 4) B) 11.52% C) 7.6S...

Measuring Income for a Consultancy Firm. Sanders Company is a technology consultancy firm. Sanders disclosures in a recent Form 10-K filing provided an extensive discussion of its revenue recognition...

(a) Use the data in Problem and Case 4.11. Calculate five investment ratios, including the dividend cover ratio, for Creative Advertising Limited for 2010, given that there was an average of 50,000...

Comparing Mutually Exclusive Projects [ L O 1 ] Rust Industrial Systems Company i s trying t o decide between two different conveyor belt systems. System A costs $ 3 1 5 , 0 0 0 , has a four - year...

In evaluating a double integral over a region D, a In evaluating a double integral over a region D, a sum of iterated integrals was obtained as follows: Df(x,y)dA=204y0f(x,y)dxdy+10210y0f(x,y)dxdy....

Determine gauge and absolute pressures at a point which is 2.0 m below the free surface of water. Take atmospheric pressure as 10.1043 N/cm^2.

1 -1 2-1 -1 2 1 3. is 2 1-10 The upper bound for the eigenvalue of the matrix A= 1-1301 Oa. -6 O b. -2 O c-5 O d. -4

A uniform rod of mass m is movable in a vertical plane about a smooth hinge at A and is sustained in equilibrium by force F acting along a string BCD passing over a smooth peg as shown. Here AC=AB...

There are many issues impacting the organizational viability of Whispering Pines. How would you prioritize the importance of these issues?

OUTCOME 2 Describe how a training needs assessment should be done.

3 supervisors and 28 employees in the new procedures. What training method(s) would you use? Why?

OUTCOME 4 Identify the types of training-delivery methods organizations use.