Business, 17.07.2019 19:20 kordejah348

On january 2, 2012, banno corporation issued $1,500,000 of 10% bonds at 97 due december 31, 2021. legal and other costs of $24,500 were incurred in connection with the issue. interest on the bonds is payable annually each december 31. the $24,500 issue costs are being deferred and amortized on a straight-line basis over the 10-year term of the bonds. the discount on the bonds is also being amortized on a straight-line basis over the 10 years. (straight-line is not materially different in effect from the preferable "interest method".) the bonds are callable at 102 (i. e., at 102% of face amount), and on january 2, 2017, banno called $840,000 face amount of the bonds and redeemed them. (b) ignoring income taxes, compute the amount of loss, if any, to be recognized by banno as a result of retiring the $840,000 of bonds in 2017. (round answer to 0 decimal places, e. g. 38, required: (a) loss on redemption (b) prepare the journal entry to record the redemption.

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On january 2, 2012, banno corporation issued $1,500,000 of 10% bonds at 97 due december 31, 2021. le...

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