Tony Hawk's Adventure (THA) issued callable bonds on January 1, 2021. THA's accountant has projected the following amortization schedule from issuance until maturity: Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 $ 379,697 06/30/2021 $ 16,000 $ 18,985 $ 2,985 382,682 12/31/2021 16,000 19,134 3,134 385,816 06/30/2022 16,000 19,291 3,291 389,107 12/31/2022 16,000 19,455 3,455 392,562 06/30/2023 16,000 19,628 3,628 396,190 12/31/2023 16,000 19,810 3,810 400,000 THA buys back the bonds for $384,446 immediately after the interest payment on 12/31/2021 and retires them. What gain or loss, if any, would THA record on this date

THA would record a gain of $1,370 on 12/31/2021

Explanation:

Particulars                                                                                      Amount ($)

Carrying value of bonds after the interest payment on 12/31/2021385,816

Less: Amount paid on redemption on 12/31/2021                         (384,446)

Gain on redemption of bonds                                                          1,370

Entry would be-

Date          Account titles and ExplanationDebit ($)     Credit ($)

12/31/2021Bonds payable                          385,816  

                       Cash                                                       384,446

                       Gain on redemption of bonds                   1,370

                       (To record redemption of bonds)  

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