At December 31, 2022, the following balances existed for MICPA Corporation: ...
90.2K
Verified Solution
Link Copied!
Question
Accounting
At December 31, 2022, the following balances existed for MICPA Corporation:
Bonds Payable (6%)
$600,000
Discount on Bonds Payable
50,000
The bonds mature on 12/31/28. Straight-line amortization is used.
If 60% of the bonds are retired at 104 on January 1, 2025, what is the gain or loss on early extinguishment?
Answer
$_______________
2.
On January 1, 2020, Scottsdale Company issued its 12% bonds in the face amount of $3,000,000, which mature on January 1, 2030. The bonds were issued for $$3,805,200 to yield 8%. Scottsdale uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. The 12/31/23 Premium on Bond Payable balance is:
Answer
$_______________
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
