Accounting

Magic Mountain retires its 8% bonds for $126,000 before their scheduled maturity. At the time, the bonds have a face value of 124,000 and a carrying value of $116,000.

Record the early retirement of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Intermediate Accounting

    The 10% bonds payable of Klein Company had a net carrying amount of $570,000 on December 31, 2006. The bonds, which had a face value of $600,000, were issued at a discount to yield 12%. The amortization of the bond discount was

  2. Economics

    Two investors are each issued one bond with the same face value, maturity date, and yield. After both bonds have reached maturity, it is discovered that one of the bondholders received a greater total return on her investment. If

  3. FINANCE

    Yield to call Six years ago, the Singleton Company issued 20-year bonds with a 14 percent annual coupon rate at their $1,000 par value. The bonds had a 9 percent call premium, with 5 years of call protection. Today, Singleton

  4. Math

    The Garraty company has two bond issues outstanding. Both bonds pa $100 annual interest plus $1,000 at maturity. Bond L has a maturity of 15 years and Bond S a maturity of 1 year. A). What will be the value of each of these bonds

  1. financial management

    1. Dooley, Inc., has outstanding $100 million (par value) bonds that pay an annual coupon rate of interest of 10.5 percent. Par value of each bond is $1,000. The bonds are scheduled to mature in 20 years. Because of Dooley’s

  2. Math

    1. An individual investor has $70,000 to divide among several investments. The alternative investments are municipal bonds with an 8.5% return, certificates of deposits with a 10% return, Treasury bill with a 6.5% return, and

  3. finance

    Adams Enterprises’ noncallable bonds currently sell for $1,120. They have a 15- year maturity, an annual coupon of $85, and a par value of $1,000. What is their yield to maturity?

  4. chemistry

    A magic number is the name given to certain numbers of protons or neutrons that have a high correlation to stability in nuclei. Magic # of protons: 2,8,20,28,50,82 Magic # of neutrons: 2,8,20,38,50,82,126, 184 Using general

  1. math

    After looking at the results of her calculations, Naomi has decided to aim for $500,000 savings by the time she retires. She expects to have a starting salary after college of $25,000 to $35,000 and she has taken into acount all

  2. Math

    ooley, Inc., has outstanding $100 million (par value) bonds that pay an annual coupon rate of interest of 10.5 percent. Par value of each bond is $1,000. The bonds are scheduled to mature in 20 years. Because of Dooley’s

  3. finance

    Leggio Corporation issued 20-year, 7% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds has dropped to 6%. What is the new price of the bonds, given that they now have 19

  4. Finance

    Bond value and time--Constant required returns Pecos Manufacturing has just issued a 15-year, 12% coupon interest rate, $1,000-par bond that pays interest annually. The required return is currently 14%, and the company is certain

You can view more similar questions or ask a new question.