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Zigmanuir [339]
3 years ago
13

Washington Inc. issued $846,000 of 6%, 20-year bonds at 98 on January 1, 2009. Through January 1, 2017, Washington amortized $9,

840 of the bond discount. On January 1, 2017, Washington Inc. retired the bonds at 102 (after making the interest payment on that date). What is the gain or loss that Washington Inc. would report for the retirement of this bond
Business
1 answer:
MA_775_DIABLO [31]3 years ago
5 0

Answer:

Bond discount at the issuance of bond = $846,000 - ($846,000/100 *98)

Bond discount at the issuance of bond  = $846,000- $829,080

Bond discount at the issuance of bond = $16920

Bond Payable = $846,000

Un-amortized bond discount = $16,920 - $9,840

Un-amortized bond discount = $7,080

Redemption Value of Bond = 102/100 * $846,000

Redemption Value of Bond = $ 862,920

Loss on retirement on Bond = Redemption Value of Bond - (Bond Payable - Un-amortized bond discount)

Loss on retirement on Bond = $862,920 - ($846,000 - $7,080)

Loss on retirement on Bond = $862,920 - $838,920

Loss on retirement on Bond = $24,000

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