Question: need help with both problems & please show work so i can better understand how to get anwer. thanks On January 2, 2012, Sunland Corporation

need help with both problems & please show work so i can better understand how to get anwer. thanks

need help with both problems & please show work so i canbetter understand how to get anwer. thanks On January 2, 2012, Sunland

On January 2, 2012, Sunland Corporation issued $2,100,000 of 1096 bonds at 97 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method") The bonds are callable at 102 (i.e., at 102% of face amount), and on January 2, 2017, Sunland called $1,260,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Sunland as a result of retiring the $1,260,000 of bonds in 2017. (Round answer to 0 decimal places, e.g. 38,548.) Loss on redemption Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not men manually.) Debit Credit anuary 2, 2017 Bonds Payable 1260000 Loss on Redemption of Bonds Unamortized Bond Issue Costs Discount on Bonds Payable Click if you would like to Show Work for this question: Open Show Work

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