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iragen [17]
3 years ago
14

A $600,000 bond was retired at 102 when the carrying value of the bond was $622,000. The entry to record the retirement would in

clude a Select one: a. gain on bond redemption of $10,000. b. loss on bond redemption of $12,000. c. loss on bond redemption of $10,000 d. gain on bond redemption of $12,000.
Business
1 answer:
lubasha [3.4K]3 years ago
5 0

Answer:

The answer is a. gain on bond redemption of $10,000.

Explanation:

As the carrying value of the bond is up to $622,000, while the redemption only takes the company 600,000 x 102% = $612,000 ( that is, it takes $612,000 cash to clear $622,000 liabilities); the entry will include a gain on bond redemption of $10,000 which is calculated as $622,000 - $612,000 = $10,000.

Details entry should be:

Dr Bond payable                           600,000

Dr Premium on bond                    22,000

Cr Cash                                         612,000

Cr Gain on bond redemption         10,000

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