Question
I need help figuring out how to solve for the following journal entry: Called the bonds at the contractual call price of $115,000. The 7%
I need help figuring out how to solve for the following journal entry:
"Called the bonds at the contractual call price of $115,000. The 7% bonds pay interest semiannually each June 30 and December 31. I know this results in a loss but I can't come up with the right answer. Pls. show how you work the problem.
Information given:
Cash $102,700 Allowance for uncollectible accounts $3,300 Common stock $215,000
A/R $37,000 Accumulated Depreciation $11,100 Retained earnings $143,400
Inventory $153,500 A/P $34,200
Land $82,300 Bonds payable $135,000
Buildings $135,000 Discount on bonds payable $31,500
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