Reference no: EM13915917
1.The 12% bonds payable of a company had a carrying amount of $3,120,000 on December 31, 2014. The bonds, which had a face value of $3,000,000, were issued at a premium to yield 10%. The company uses the effective-interest method of amortization. Interest is paid on June 30 and December 31. On June 30, 2015, several years before their maturity, the company retired the bonds at 104 plus accrued interest. The loss on retirement, ignoring taxes, is?
2.A company issued bonds with a maturity amount of $200,000 and a maturity ten years from date of issue. If the bonds were issued at a premium, this indicates that
3.A company issues $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2013. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2015?
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Ethical analysis of the issues raised in the case study
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Uses the effective-interest method of amortization
: The company uses the effective-interest method of amortization. Interest is paid on June 30 and December 31. On June 30, 2015, several years before their maturity, the company retired the bonds at 104 plus accrued interest. The loss on retirement, ig..
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Write a memo report of three or fewer pages addressed to you
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Retirement of the bonds
: Blue Note Corporation issued a $100,000, 10-year, 10 percent bond on January 1, 2013, for $112,000. Blue Note uses the straight-line method of amortization. On April 1, 2015, Blue Note reacquired the bonds for retirement when they were selling at 104..
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Monthly bank statement
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