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Did wayne have a gain or loss on the call

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Question - On January 1, 20X1, Wayne Company called a bond series with a carrying value on that date of $320,000. The par value of the debt is $300,000 and the call premium is 2%.

1. Did Wayne have a gain or loss on the call?

2. Calculate the gain or loss on the call. Enter the amount without brackets and without cents.

3. Is the call of the bonds an inflow or outflow of cash on the statement of cash flows?

4. What is the dollar amount of the cash impact in number 3?

Reference no: EM133176815

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