Reference no: EM132636457
Question - On January 2, 2015, Bridgeport Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.")
The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Bridgeport called $930,000 face amount of the bonds and redeemed them.
Ignoring income taxes, compute the amount of loss, if any, to be recognized by Bridgeport as a result of retiring the $930,000 of bonds in 2020. (Round answer to 0 decimal places, e.g. 38,548.)
Required - Prepare the journal entry to record the redemption.
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