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A company has bonds outstanding with a par value of $100,000. The unamortized discount on these bonds is $4900. The company calls these bonds at a price of $93,000 the gain or loss on retirement is: 1. $2100 loss. $7000 loss $0 gain or loss. $2100 gain. $7000 gain. Q On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $288,413. The journal entry to record the first interest payment using the effective interest method of amortization is: 1. Debit Interest Payable $13,500; credit Cash $13,500. Debit Interest Expense $12,579; debit Discount on Bonds Payable $921; credit Cash $13,500. Debit Interest Expense $12,579; debit Premium on Bonds Payable $921; credit Cash $13,500 Debit Interest Expense $14.421; credit Discount on Bonds Payable $921; credit Cash $13,500 Debit Interest Expense $14,421; credit Premium on Bonds Payable $921; credit Cash $13,500 Q23 On April 12, Hong Company agrees to accept a 60-day, 10%, $5400 note from Indigo Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by Indigo Company? 1. Debit Accounts Receivable $5400; credit Notes Payable $5400. Debit Cash $5400; credit Notes Payable $5400. Debit Notes Payable $5400; credit Accounts Payable $5400. Debit Sales $5400; credit Notes Payable $5400. Debit Accounts Payable $5400: credit Notes Payable $5400. Q A company had net sales of $30,300 and ending accounts receivable of $3900 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) 1. 38.98 days. 46.98 days. 7.77 days. 62.28 days. 58.18 days. Q Athena Company provides employee health insurance that costs $14,100 per month. In addition, the company contributes an amount equal to 4% of the employees' $141,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a: 1. Debit to Employee Benefits Expense $19,740. Debit to Employee Retirement Program Payable $5640. Debit to Medical Insurance Payable $14,100. Credit to Employee Benefits Expense $14,100. Debit to Payroll Taxes Expense $19,740