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stich3 [128]
3 years ago
5

Linda Day George Company had bonds outstanding with a maturity value of $300,000. On April 30, 2020, when these bonds had an una

mortized discount of $10,000, they were called in at 104. To pay for these bonds, George had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $300,000). Issue costs related to the new bonds were $3,000.Ignoring interest, compute the gain or loss.
Business
1 answer:
mr_godi [17]3 years ago
8 0

Answer:

Bonds Payable                                  300,000 debit

Loss on redemption- Bonds Payable 22,000 debit

                Cash                                              312,000 credit

                Discount on Bonds Payable          10,000 credit

--to record the reemption of old-bonds--

Explanation:

<em>call price</em> = 300,000 x 104/100 =          <em>312,000</em>

Bond payable (net) 300,000 - 10,000 = 290,000

Loss at redemption                                   22,000

We should recognize a loss as we are paying for the bonds 312,000 dollars while they are worth 290,000

To do the entry, we will write-off the bonds payable and the discount on bonds account. Wer will credit the cash used on the redemption and debit the expense.

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