1- A $293,000 bond was redeemed at 98 when the carrying value of the bond was $285,675. The entry to record the redemption would include a

a.gain on bond redemption of $5,860.

b.loss on bond redemption of $1,465.

c.gain on bond redemption of $1,465.

d.loss on bond redemption of $7,325

2- On January 1, $810,000, five-year, 10% bonds, were issued for $785,700. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize the discount on bonds payable, the semiannual amortization amount is

a.$24,300

b.$2,430

c.$40,500

d.$4,860

3- On January 1 of the current year, Barton Corporation issued 10% bonds with a face value of $102,000. The bonds are sold for $96,900. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, five years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 is

a.$11,220

b.$510

c.$5,100

d.$11,730

4- The present value of $57,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar) _______

a.$53,774

b.$50,893

c.$57,000

d.$53,271

5- Bonds Payable has a balance of $914,000 and Premium on Bonds Payable has a balance of $10,054. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?

a.$10,054 loss

b.$941,420 gain

c.$17,366 loss

d.$10,054 gain