Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. help 21-22 21. kant corporation retires its $50

help 21-22 21. Kant Corporation retires its $500,000 face value bonds at...

80.2K

Verified Solution

Question

Accounting

help 21-22 image
21. Kant Corporation retires its $500,000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $471,250. The entry to record the redemption will include a a credit of $28.750 to Loss on Bond Redemption b. credit of $28,750 to Discount on Bonds Payable c. debit of $38,750 to Gain on Bond Redemption d. debit of $10,000 to Premium on Bonds Payable. 22.On January 1, Patterson Inc. issued $4,000,000, 9% bonds for $3,755,000. The market rate of interest for these bonds is 10% Interest is payable anmully on December 31. Patterson uses the effective interest method of amortizing bond discount. At the end of the first year, Patterson should report namortized bond discount of a $245.000 b. $235.000 e$229,500 d. 5212.450

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!
Become a Member

Other questions asked by students

Advance Math
1.2K views

The United States Postal Service (USPS) uses 11-digit serial numbers on its money orders. The first...

Biology
1.2K views

In Kingdom Animalia motility and will always be found A chemisynthesis B peptidoglycan C heterotrophy

Basic Math
1.2K views

A principal of 870 amounts to 1105 10 after 2 years The interest rate is...

Algebra
1.2K views

nd the inverse of the matrix A A ex ex ex ex ex e ex...

Algebra
1.2K views

If A and B are similar matrices then both of them are diagonalizable True or...

Algebra
1.2K views

Solve the system of quations 9x 2y 16 and 4x 3y 5 by combining the...

Accounting
1.2K views

A capital acquisitions manager recently purchased equipment needed to begin production of new inventory. The...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below. Capri Boat Corporation uses...

Accounting
1.2K views

PRINTER VERSION NEXT SIGNMENT RESOURCES Question 2 ab 7- Chapter 6 - Fall D19...

Accounting
1.2K views

Part One: In 2018, Penny Henderson opened Penny's Posies, a small retail shop selling floral...

Accounting
1.2K views

-Tthe lessor meets any one of the five Group I criteria, then the lessor classifies...

Accounting
1.2K views

d. Describe what additional proce statements of a large public company. 11-17 (OBJECTIVES 11-2, 11-3,...