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What is the gain or loss wholly crepe must report

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Question - On May 1, 2018, Wholly Crepe Co issued 12-year bonds with a face value of $600,000 at 96. The bonds carry a stated rate of 4%, payable each April 30 and October 31.

Questions:

1. Prepare the journal entry to show the issuance of the bonds on May 1, 2018

2. Prepare the journal entry to show the payment of interest on October 31, 2018

3. Prepare any necessary journal entry which may be required on December 31, 2018

4. On May 1, 2024 after, the payment of interest, Wholly Crepe Co. redeems all of the bonds at 103. What is the gain or loss Wholly Crepe Co. must report as a result of this redemption?

Reference no: EM132270526

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