On February 1, 2023, Pat Weaver Incorporated (PWI) issued 12%, $1,700, 000 bonds for $2,000,000. PWI retired all of these bonds on January 1, 2024, at 104. Unamortized bond premium on that date was $176,800. How much gain or loss should be recognized on this bond retirement? A. $108,800 loss B. $240,000 gain C. $108,800 gain D. $204,000 gain

NYK, Inc.retires a $45 million bond issue when the carrying value of the bonds is $43 million, but the market value of the bonds is $46 million.  The entry to record the retirement will include: Select one: a. A debit of $3 million to Loss on Bond Retirement. b. A credit of $1 million to Gain on Bond Retirement. c. A debit of $1 million to Loss on Bond Retirement d. No gain or loss on retirement e. A credit of $2 million to Gain on Bond Retirement.

18. On January 1, 2020, Puckett Co. issued $50,000 of 8%, ten-year bonds at 98. Issuance costs amounted to $2,000. On July 1, 2025, one half of the bonds were called at 103. What was the loss on bond retirement, assuming the use of straight-line amortization? a. $1,425b. $ 975c. $2,425d. $2,250

Presented below are two independent situations: a) On December 31, 2021, Legault Corporation had $1,000,000, 8% bonds payable issued. The bonds pay interest on January 1 and June 1 of each year, and mature on January 1, 2021. On January 2, 2022, Legault redeemed 60% of these bonds at 101. The amortized cost of the entire bond issue on the retirement date was $1,026,000. The interest payment due on January 1, 2022, has been made and recorded. b) Antonio Inc. redeemed $500,000 of its bonds at 98 on December 31, 2021. The amortized cost of the bonds on the retirement date was $497,500. The bonds pay semi-annual interest and the interest payment due on December 31, 2021, has been made and recorded. Instructions For each of the independent situations, prepare the journal entry to record the retirement of the bonds

On January 1, 2014, New Country issued $200,000 of ten-year 8% bonds at 98. These bonds were callable at 102 at any time after three years. Straight-line amortization was used. On January 1, 2018, a new bond issue was sold and the old bonds were called. What was the loss on bond retirement? $8,000 $2,000 $6,400 $4,400

I humble request answer fast please

On July 1, 2018, Miniature Company has bonds with balances as shown below.     Bonds Payable   65,000     Discount Payable on Bonds 3,250   If the company retires the bonds for $66,150, what will be gain or loss on the retirement?

BC Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on July 1 and January 1. BC uses the staight-line method to amortize bond premium or discount. Assume no interestaccrued on June 30.Instructions1. Prepare all the necessary journal entries to record the issuance of the bonds and bond interesthappens for 2022, assuming that the bonds sold at 105.2. Prepare journal entries as in part (1) assuming that the bond sold at 98.3. Show statement of financial position presentation for each bond issued at December 31, 2022.

Vishnu

Sheridan Corporation retires its $540000 face value bonds at 104 on January 1, following the payment of annual interest. The carrying value of the bonds at the redemption date is $560223. The entry to record the redemption will include a O debit of $1377 to Loss on Bond Redemption. O credit of $21627 to Premium on Bonds Payable. O debit of $21600 to Premium on Bonds Payable. O credit of $1377 to Loss on Bond Redemption.