accounting

posted by .

Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?

  • accounting -

    is it 1200 loss?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    On the balance sheet it states that bonds payable is $32,000 and Discount on bonds payable is $2000. When it says that the company retired the bond at net book value, does that mean they cashed out $30,000 and that's the amount that …
  2. accounting

    Ignoring income taxes compute the amount of loss, if any, to be recognized by Banno as a result of retiring the $900,000 of bonds in 2007 and prepare the journal entry to record the retirement. On January 2, 2002, Banno Corporation …
  3. accounting

    On April 1, 2008, Company issued $600,000, 9% bonds for $645, 442 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2018. So the way I started the entry was: April 1, 2008 DR …
  4. Accounting

    The Dec. 31, 2001, balance sheet includes the following items: 9% bonds payable due 12/31/2010 $800,000 Discount on bonds payable $21,600 The bonds were issued on December 31, 2000, at 97, with interest payable on June 30 and December …
  5. accounting

    4/4/04, Corporation, which has a 12/31 year end authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of 8% per year and had a term of …
  6. Accounting

    ____ 2. As part of the initial investment, Omar contributes accounts receivable that had a balance of $25,000 in the accounts of a sole proprietorship. Of this amount, $1,150 is completely worthless. For the remaining accounts, the …
  7. accounting

    These questions are so confusing. So I was wondering what are each of the formulas to solve each question or what steps I need to take to complete them?
  8. accounting

    Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?
  9. Accounting

    1. Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?
  10. accounting

    On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bonds sold at $592,000. The company uses the straight-line …

More Similar Questions