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Record the retirement using the book value method

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Carla Vista Capital Ltd. issued 620 $1,000 bonds at 105. After issuance, similar bonds were sold at 99. Assume that Carla Vista Capital Ltd. follows ASPE and valued the debt component of the instruments first, applying the residual to the equity component. On a date when the bonds had a carrying value of $615,500 and fair value of $619,010, Carla Vista paid $660,000 in cash to the bondholders to retire the bonds early.

Problem 1: Record the retirement using the book value method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132686179

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