Thunder corporation retired 130000 face value 12 bonds on

Reference no: EM13596546

For each situation prepare the appropriate journal entry for the redemption of the bonds.

(a) Thunder Corporation retired $130,000 face value, 12% bonds on June 30, 2007, at 102. The carrying value of the bonds at the redemption date was $122,500. The bonds pay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.

(b) Lightning, Inc., retired $180,000 face value, 12.5% bonds on June 30, 2007, at 98. The carrying value of the bonds at the redemption date was $184,000. The bonds pay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.

Reference no: EM13596546

Questions Cloud

Compute the volume in units and the dollar sales level : having problems with this assignment. argentina partners is concerned about the possible effects of inflation on its

Bonds payable has a balance of 1000000 and discount on : bonds payable has a balance of 1000000 and discount on bonds payable has a balance of 15000. if the issuing corporation

Review the financial statements of a publicly traded us : review the financial statements of a publicly traded u.s. company. post a link to the statements so they may be viewed

Directors declared a 2 per share cash dividend payable on : a corporation reports the following components of stockholders equity on december 31 2011. common stock-10 par value

Thunder corporation retired 130000 face value 12 bonds on : for each situation prepare the appropriate journal entry for the redemption of the bonds.a thunder corporation retired

What is the book value per share of the common stock at : nilson company is incorporated at the beginning of this year and engages in a number of transactions. the following

During 2001 davidson company introduced a new line of : during 2001 davidson company introduced a new line of machines that carry a three-year warranty against manufacturers

The lake superior company has spent a total of 153000 at : the lake superior company has spent a total of 153000 at the beginning of 2000 in acquiring patents for its

The justin companys heating system has just completed its : the justin companys heating system has just completed its 12th year of a estimated 15-year life. at date of purchase

User Account

All Pages