On January 2, 2015, Whispering Corporation issued $1,750,000 of 10% bonds at 98 due December...
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On January 2, 2015, Whispering Corporation issued $1,750,000 of 10% bonds at 98 due December 31, 2024, Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 vears. (Straight-line is not materially different in effect from the preferable "interest method:? The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2.2020, Whispering called $1.050,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Whisptring as a result of retiring the $1,050,000 of bonds in 2020. (Round answer to 0 decimal places, es. 38,548.) Loss on redemption 5 Prepare the journal entry to record the redemption. (Round answers to 0 decimal ploces, es 38,548 . If no entry is required, select "No Entry for the occount titles and enter 0 for the amounts. Credit occount titles are automatically indented when amount is entered. Do not indent manually
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