Record the issuance of the note payable

Reference no: EM131521671

Question: 1. Discount Pizza retires its 6% bonds for $58,000 before their scheduled maturity. At the time, the bonds have a carrying value of $56,043. Record the early retirement of the bonds.

2. Premium Pizza retires its 6% bonds for $62,000 before their scheduled maturity. At the time, the bonds have a carrying value of $64,306. Record the early retirement of the bonds

3. On January 1, 2012, Corvallis Carnivals borrows $20,000 to purchase a delivery truck by agreeing to a 7%, four-year loan with the bank. Payments of $478.92 are due at the end of each month, with the first installment due on January 31, 2012. Record the issuance of the note payable and the first monthly payment.

Reference no: EM131521671

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