At December 31, 2022, the following balances existed for MICPA Corporation: ...
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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
$_______________
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