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Point 1: On June 30, 2012, County Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2021, and to issue new bonds. New 10% bonds were sold in the amount of $1,000,000 at 102; they mature in 20 years. County Company uses straight-line amortization. Interest payment dates are December 31 and June 30.
To record the redemption of old Bond.
Bond payable is 800,000
Loss on redemption ?
Discount on bonds Payable ?
Cash 832000
Question 1: How can calculate the loss on redemption and discount on Bond? Show me the steps on how to calculate those two.
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