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Question 15 Prior to maturity, Lemon Yellow Company called and retired a $800,000,...

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Accounting

Question 15

Prior to maturity, Lemon Yellow Company called and retired a $800,000, 8% bond issue at 102. If the unamortized premium on the bonds is $2,000, the journal entry will include a:

A.

Debit to loss on bond retirement of $16,000
B.

Debit to bonds payable for $816,000
C.

Credit to gain on bond retirement for $16,000
D.

Debit to premium on bonds payable for $2,000

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