Question: On January 1 , 2 0 2 0 , Delaney Corporation issued five - year, 4 % bonds payable with a face value of $

On January 1,2020, Delaney Corporation issued five-year, 4% bonds payable with
On January 1,2020, Delaney Corporation issued five-year, 4% bonds payable with a face value of $2,200,000. The bonds were issued at 91 and pay interest on January 1 and July 1. Delaney amortizes bond discounts using the straight-line method. On December 31,2022, Delaney retired the bonds early by purchasing them at a market price of 93. The company's fiscal year ends on December 31.
Read the requirements.
Requirement 1. Journalize the issuance of the bonds on January 1,2020.(Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
\table[[Journal Entry,,],[Date,Accounts,Debit,Credit],[2020,,,],[,,,],[,,,],[,,,],[,,,]]
Requirements
Journalize the issuance of the bonds on January 1,2020.
Record the semiannual interest payment and amortization of bond discount on July 1,2020.
Record the interest accrual and discount amortization on December 31,2020.
Calculate the carrying value of the bonds payable on December 31,2022, prior to their retirement.
Calculate the gain or loss on the retirement of the bonds payable on December 31,2022. Indicate where this gain or loss will appear in the financial statements.
a face value of $2,200,000. The bonds were issued at 91 and

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