Calculate the gain or loss and record all journal entries

Assignment Help Financial Accounting
Reference no: EM132824024

Question - X Company had bonds outstanding with a maturity value of $500,000. On April 30th, 2020 when these Bonds had an unamortized discount of $10,000 they were called at 104. To pay for these bonds X had is Issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $500,000). Issue costs related to the new bonds were $3,000. All issue costs were capitalized. X prepares financial statements in accordance with IFRS.

Required - Ignoring interest calculate the gain or loss and record all journal entries relating to this refunding.

Reference no: EM132824024

Questions Cloud

Hr slide deck on talent management in a changing : RA3003 Assignment: HR Slide Deck on Talent Management in a Changing Organization
Discuss health risk factors related to dietary habits : Inflammation is a process that accompanies many different autoimmune disease processes. In addition, a diet that is high in sugars and processed foods.
Describe what a performance appraisal is : A. Explain to him what a performance management system. In the process, describe what a performance appraisal is.
How would determine the costs of acquisition of an asset : In accounting for the acquisition of assets, the assets acquired are to be recorded. How would you determine the 'costs of acquisition' of an asset?
Calculate the gain or loss and record all journal entries : On April 30th, 2020 when these Bonds had an unamortized discount of $10,000 they were called at 104. Calculate the gain or loss and record all journal entries
Discuss about the effects of social errors and biases : This week, you learn about the effects of social errors, biases, and fallacies. These elements are helpful in persuasion. After completing the Learning.
Select three human capital measures : Select three Human Capital Measures (HCM's) that are of interest to you. Describe how using them as part of key HR metrics would improve business performance.
Make balance the accounts and bring down an opening balance : Make Balance the accounts and bring down an opening balance. Sold goods for £ 1500 and received the money in Bank 12/10 Paid in Cash £80 for repairing laptop
Pros and cons of external and internal practitioners : Would a team approach be a suitable alternative? However if change was recommended for the organization, which is the best approach to recommend?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Assuming the amount on deposit will earn

Giles wants to retire at the end of 2016. His life expectancy is 20 years from his retirement. Giles has come to you, his CPA, to learn how much he should deposit on December 31, 2016 to be able to withdraw $55,000 at the end of each year for the nex..

  What is the value of a share of gillette stock

According to the? dividend-discount model, what is the value of a share of Gillette stock if the? firm's equity cost of capital is 8.3%??

  Describe the advantages of a sole proprietorship

Describe the advantages of a sole proprietorship and a limited liability corporation

  Evaluate direct labour budget and budgeted income statement

Prepare an annual budget for Ballarat Furniture Company for 2013. Assume an income tax rate of 40 percent-Sales budget, Production budget

  Determine the times-interest-earned ratio

Determine the Times-Interest-Earned Ratio. What is Morris's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.

  What is the vail book mart net income for the year

What is the total amount of sales tax Vail Book Mart collected and paid for the year? What is the Vail Book Mart's net income for the year?

  Davenport mills is a division of iowa woolen products

Davenport Mills is a division of Iowa Woolen Products, Inc. For the most recent year, Davenport had net income of $19,900,000. Included in income was interest expense of $1,430,000.

  The straight-line method is used for depreciation

Windsor Company purchased a depreciable asset for $300,000 on April 1, 2015. The estimated salvage value is $30,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated..

  Evaluate the overhead assigned to each product using abc

Determine the overhead assigned to each product using the traditional cost system. Evaluate the overhead assigned to each product using ABC

  What is the time value for a call

The 45 call is priced at $8.50 and the 55 call is quoted at $2.75. What is the time value for a $45 call and what is time value for a $55 call

  What is the book value of the equipment

The balance in the equipment account is $28,650,000 and the balance in the accumulated depreciation-equipment account is $16,430,000.

  Find and show the entry to establish the partnership

Show the entry to establish the partnership. Brady brings $60,000 in cash, but he is also bringing $6,000 in accounts payable from his old business.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd