Chang Industries has bonds outstanding with a par value of $224,000 and a carrying value of $239,000 If the company calls these bonds at a price of $231,000, the gain or loss on retirement is Multiple Choice $15,000 gain $8,000 loss $7,000 gain $7,000 loss $8,000 gain A company issues 10 bonds with a par value of $160,000 at par on January 1 The market rate on the date of issuance was 9 The bonds pay interest semiannually on January 1 and July 1 The cash paid on July 1 to the bond holder(s) is Multiple Choice $16,000 $7,200 $8,000 $14,400 $0 On January 1, a company issued and sold a $398,000, 6 , 10 year bond payable, and received proceeds of $393,000 Interest is payable each June 30 and December 31 The company uses the straight line method to amortize the discount The journal entry to record the first interest payment is Multiple Choice Debit Bond Interest Expense $11,690 debit Discount on Bonds Payable $250 credit Cash $11,940 Debit Bond Interest Expense $23,880 credit Cash $23,880 Debit Bond Interest Expense $11,940 credit Cash $11,940 Debit Bond Interest Expense $11,940 debit Discount on Bonds Payable $250 credit Cash $12,190 Debit Bond Interest Expense $12,190 credit Cash $11,940 credit Discount on Bonds Payable $250 The following data were reported by a corporation Authorized shares 40,000 Issued shares 35,000 Treasury shares 13,500 The number of outstanding shares is Multiple Choice 35,000 21,500 53,500 40,000 26,500 Fetzer Company declared a $0 50 per share cash dividend The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock The journal entry to record the payment of the dividend is Multiple Choice Debit Retained Earnings $209,300 credit Common Dividends Payable $209,300 Debit Common Dividends Payable $209,300 credit Cash $209,300 Debit Retained Earnings $218,500 credit Common Dividends Payable $218,500 Debit Retained Earnings $230,000 credit Common Dividends Payable $230,000 Debit Common Dividends Payable $218,500 credit Cash $218,500

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Chang Industries has bonds outstanding with a par value of $224,000 and a carrying value of $239,000. If the company calls these bonds at a

Chang Industries has bonds outstanding with a par value of $224,000 and a carrying value of $239,000. If the company calls these bonds at a price of $231,000, the gain or loss on retirement is:

Multiple Choice

$15,000 gain.
$8,000 loss.
$7,000 gain.
$7,000 loss.
$8,000 gain.

A company issues 10% bonds with a par value of $160,000 at par on January 1. The market rate on the date of issuance was 9%. The bonds pay interest semiannually on January 1 and July 1. The cash paid on July 1 to the bond holder(s) is:

Multiple Choice

$16,000.
$7,200.
$8,000.
$14,400.
$0.

On January 1, a company issued and sold a $398,000, 6%, 10-year bond payable, and received proceeds of $393,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is:

Multiple Choice

Debit Bond Interest Expense $11,690; debit Discount on Bonds Payable $250; credit Cash $11,940.
Debit Bond Interest Expense $23,880; credit Cash $23,880.
Debit Bond Interest Expense $11,940; credit Cash $11,940.
Debit Bond Interest Expense $11,940; debit Discount on Bonds Payable $250; credit Cash $12,190.
Debit Bond Interest Expense $12,190; credit Cash $11,940; credit Discount on Bonds Payable $250.

The following data were reported by a corporation:


Authorized shares	40,000
Issued shares	35,000
Treasury shares	13,500

The number of outstanding shares is:

Multiple Choice

35,000.
21,500.
53,500.
40,000.
26,500.

Fetzer Company declared a $0.50 per share cash dividend. The company has 460,000 shares authorized, 437,000 shares issued, and 18,400 shares in treasury stock. The journal entry to record the payment of the dividend is:

Multiple Choice