Answer:
Bonds Payable $1000000 Dr
Gain on redemption $15000 Cr
Discount on bonds Payable $10000 Cr
Cash $975000 Cr
Explanation:
The face value of bonds payable is $1000000 while they are a discount bond and carry a discount of $10000. The value of bonds is 1000000 - 10000 = 990000.
The bonds, however, are redeemed at 97.5 which means they are redeemed by paying 97.5% of face value which comes out to be 975000.
Thus, the difference between their value and the redemption price is the gain as value is greater than the price paid for them at redemption.
Gain = 990000 - 975000 = $15000
Being laid off is when the company is goes through financial struggles so they have to chose people to cut off, being fired is when you did something wrong so they fire you.
<span>Yes
because the AICPA standard for due care does not require CPAs to be infallible.
Since the definition of infallible means incapable of making a mistake. Which
this is not necessarily true. CPAs are capable of making mistakes and as long
as they performed their work with professional due care then they cannot be
held accountable for mistakes that may have happened. </span>
