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Required information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below.) On January 1, 2018, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 3 3. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2018, through December 31, 20237 Amortization of discount 7,075 Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 [The following information applies to the questions displayed below) On January 1, 2018. Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 4 to in 19 - 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, 2023? Entire Retired 204 Group 700 000 $ Remaining discount Coming value $ 700 000 $ Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below) On January 1, 2018, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 Shay retires 20% of these bonds by buying them on the open market at 1047 All Interest is accounted for and paid through December 31, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Book Exercise 10-9 Part 5 5. How much did the company pay on January 1, 2024, to purchase the bonds that it retired? Purchase price Heferences Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below.) On January 1, 2018, Shay issues $700,000 of 10%, 15 year bonds at a price of 97%. Six years later, on January 1, 2024 Shay retires 20% of these bonds by buying them on the open market at 10472. All interest is accounted for and paid through December 31, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 6 6. What is the amount of the recorded gain or loss from retiring the bonds? Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below) On January 1, 2018, Shay issues $700,000 of 10%, 15 year bonds at a price of 97%. Six years later, on January 1, 2024, 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 7 7. Prepare the journal entry to record the bond retirement at January 1, 2024. od 10 View transaction list Journal entry worksheet Record the retirement of 20% of the bonds before maturity on January 1, 2024 General Journal D ebit Credit Recoed entry Clear entry Vaal Required information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below.) On January 1, 2018, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 3 3. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2018, through December 31, 20237 Amortization of discount 7,075 Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 [The following information applies to the questions displayed below) On January 1, 2018. Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 4 to in 19 - 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, 2023? Entire Retired 204 Group 700 000 $ Remaining discount Coming value $ 700 000 $ Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below) On January 1, 2018, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2024 Shay retires 20% of these bonds by buying them on the open market at 1047 All Interest is accounted for and paid through December 31, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Book Exercise 10-9 Part 5 5. How much did the company pay on January 1, 2024, to purchase the bonds that it retired? Purchase price Heferences Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below.) On January 1, 2018, Shay issues $700,000 of 10%, 15 year bonds at a price of 97%. Six years later, on January 1, 2024 Shay retires 20% of these bonds by buying them on the open market at 10472. All interest is accounted for and paid through December 31, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 6 6. What is the amount of the recorded gain or loss from retiring the bonds? Required Information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 The following information applies to the questions displayed below) On January 1, 2018, Shay issues $700,000 of 10%, 15 year bonds at a price of 97%. Six years later, on January 1, 2024, 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, 2023, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 7 7. Prepare the journal entry to record the bond retirement at January 1, 2024. od 10 View transaction list Journal entry worksheet Record the retirement of 20% of the bonds before maturity on January 1, 2024 General Journal D ebit Credit Recoed entry Clear entry Vaal
