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Sladkaya [172]
3 years ago
12

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

d discount of $10,000, they were called in at 104. To pay for these bonds, Day 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).
Required:
Compute the gain or loss.
Business
1 answer:
Andru [333]3 years ago
8 0

Answer: Loss of $22,000

Explanation:

Gain (loss) = Net Carrying Value of Bonds recalled - Price bond called at

Net Carrying Value of Bonds

= Par value - Unamortized discount

= 300,000 - 10,000

= $290,000

Gain (loss) = 290,000 - (300,000 * 104)

= ($22,000)

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