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0 Required information The following information applies to the questions displayed below.] On January 1 2017 Shay issues $700,000 of 10%, 15-year bonds at a
0 Required information The following information applies to the questions displayed below.] On January 1 2017 Shay issues $700,000 of 10%, 15-year bonds at a price of 97% Six years later, on January 1, 2023. Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount. 1. How much does the company receive when it issues the bonds on January 1, 2017? proceeds from sale of bonds at issuance S 684 250 Required information (The following information applies to the questions displayed below] On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97% six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount 2. What is the amount of the discount on the bonds at January 1, 2017? Required information (The following information applies to the questions displayed below On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount 4. What is the carrying (book) value of the bonds and the carrying value of the 20% soon-to-be-retired bonds as of the close of business on December 31, 2022? Entire Retired 20% Group Par value Remaining discount Carrying value Required information The following information applies to the questions displayed below On January 1, 2017 Shay issues $700,000 of 10%, 15-year bonds at a price of 97%, Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open marketat 104 through December 31, 2022, the day before the purchase. The straight-Jine method is used to amortize any bond %. An interest is accounted for and paid discount. 5. How much did the company pay on January 1, 2023, to purchase the bonds that it retired? Required information The following information applies to the questions displayed below On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2023. Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount 6. What is the amount of the recorded gain or loss from retiring the bonds? Required information applies to the questions displayed below) On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 973, Six years later, on January 1 Shay retires 20% of these bonds by buying them on the open market at 104% All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount 7. Prepare the journal entry to record the bond retirement at January 1, 2023. View transaction list Journal entry worksheet Record the retirement of 20% of the bonds before maturity on January 1, 2023. Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2023
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