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Redemption of Bonds
Reynolds Corporation issued $75,000 face value bonds at a discount of $2,500. The bonds contain a call price of 103. Reynolds decides to redeem the bonds early when the unamortized discount is $1,750.
Required
1. Calculate Reynolds Corporation's gain or loss on the early redemption of the bonds.
2. Describe how the gain or loss would be reported on the income statement and in the notes to the financial statements.
A refrigerator used by a meat processor has a cost of $312,000, an estimated residual value of $42,000, and an estimated useful life of 15 years. What is the amount of the annual depreciation computed by the straight-line method?
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