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miss Akunina [59]
3 years ago
10

On February 1, 2020, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on Januar

y 1, 2021, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on this bond retirement
Business
1 answer:
marta [7]3 years ago
4 0

72,800 gain should be recognised on this bond retirement

Solution:

Bond redemption applies to repurchases of newly sold debt by creditors. If the bonds have been issued, the borrower excludes the debt due in its accounts at the expected maturity of those instruments.

Paid at redemption : $1,000,000 * 102          = 1,020,000    

Book value: $1,000,000 + $92,800               = 1,092,800

                                                                      ----------------------

Gain on bond retirement                                 = 72,800

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