What should dodge record as a gain on retirement

Assignment Help Financial Accounting
Reference no: EM132988245

The December 31, 2019, statement of financial position of Dodge Corporation includes the following items:

9% bonds payable due December 31, 2028 P1,400,000

Unamortized premium on bonds payable 37,800

The bonds were issued on December 31, 2018, at 103, with interest payable on July 1 and December 31 of each year. Dodge uses straight-line amortization.

Question 1: On March 1, 2020, Dodge retired P560,000 of these bonds at 98 plus accrued interest. What should Dodge record as a gain on retirement of these bonds?

Reference no: EM132988245

Questions Cloud

How much deferred grant income should be reported : On Dec. 31, 2021, how much deferred grant income should be reported? The Baguio City Government granted Friday Corporation a four-year
Difference between trade secrets and industrial designs : 1. What is the difference between trade secrets, industrial designs, and copyrights? Describe at least two treaties that protect intellectual property rights?
How much grant income should be reported : On Jan. 1, 2021, the laboratory and research facility was finished and ready for usage. How much grant income should be reported in the 2021 income statement?
What is the breakeven sales required to not operate at loss : Suppose Farmer John purchases an additional facility for $2 million in the current operating period. What is the breakeven sales required to not operate at loss
What should dodge record as a gain on retirement : On March 1, 2020, Dodge retired P560,000 of these bonds at 98 plus accrued interest. What should Dodge record as a gain on retirement of these bonds?
Explain how a researcher can uncover potential problems : Explain how a researcher can uncover potential problems with a survey design before launching it.
Constitutional amendment process : Chapter 2 outlines the constitutional amendment process. First, in your own words explain the two steps necessary to amend the Constitution
What amount of proceeds did the company receive on the issue : What amount of proceeds did the company receive on the issue of debt instrument? Yen Company issued 4,000 of its 8%, P1,000 bonds
Main feature and requirement of leadership development : Critically explore the main feature and requirement of leadership development for competitive advantage. (for mba assignment for strategic leadership)

Reviews

Write a Review

Financial Accounting Questions & Answers

  International nature of the clubs guests poses

The international nature of the club’s guests poses challenges for the kitchen staff, Japanese break-fasts feature miso soup, stewed vegetables in soy sauce, and rice porridge whereas Germans are accustomed to cold cuts and bread for breakfast. The n..

  What was the flotation cost as percent of equity raised

Assume a spread of 5%, direct costs of $1 million, and indirect costs of $425,000. What was the flotation cost as percent of equity raised for each IPO

  Calculate inventory turnover

This information is available for Abdullah’s Photo Corporation for 2015, 2016, and 2017. 2015 2016 2017 Beginning inventory $ 113,000 $ 311,000 $ 416,000 Ending inventory 311,000 416,000 482,000 Cost of goods sold 900,000 1,110,000 1,310,000 Sales re..

  Cash flow used for investments-cash flow from operations

What is the difference between cash flow used for investments and the cash flow from operations called? In addition to providing a report on the effectiveness of its disclosure controls and internal control over financial reporting, the company’s pri..

  What are advantages of nursing interaction to nursing care

What were the different methodologies old consideration accomplices utilized for infections? Clarify every one of the methodologies.

  Estimate the value in dollars of the coin

Use your model to estimate the value (in dollars) of the coin in 2035. The value of a certain rare silver dollar was $50,000 in 1980. A price history of silver.

  Determine the cash collected from customers for the year

In preparing the accounts receivables ledger, determine the cash collected from customers for the year ended 31 December 20X2.

  How do the earliest transaction date and session date differ

How do the Earliest Transaction date and Session date differ? If June 30th is the session date and the Fiscal Year End, the next session date should be

  On january 1 2009 clintwood corporation issued a 1000

on january 1 2009 clintwood corporation issued a 1000 ten-year 10 bond payable interest payable each december 31. for

  Examples of control activities whole foods market

Describe three examples of control activities Whole Foods Market, Inc. could use to minimize these risks. What is your overall impression of Whole Foods Market, Inc.'s annual report?

  Determine the amount of working capital reported

Super Savers Department Store's balance sheet revealed the information. Determine the amount of working capital reported in the balance sheet.

  Prepare the journal entry necessary at end

Management proposed changing the estimated useful life of the computers to two years. Prepare the journal entry necessary at the end of 2013 to record depreciation on the computers.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd