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Mekhanik [1.2K]
3 years ago
5

The Titan retires a $24.6 million bond issue when the carrying value of the bonds is $21.4 million, but the market value of the

bonds is $29.0 million. The entry to record the retirement will include:
Business
1 answer:
nataly862011 [7]3 years ago
6 0

Answer:

A debit of $7.6 million to a loss account

Explanation:

Step 1. Given information.

  • Carrying value is 21.4 million
  • Market value when retired is 29 million.

Step 2. Formulas needed to solve the exercise.

Gain(Loss) = Carrying value - Market value when retired

Step 3. Calculation.

= 21.4 million - 29 million

= 7.6  million

Step 4. Solution.

A debit of $7.6 million to a loss account

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