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Thank you so much! 3.LO 9.3: Calling all bonds! For each of the scenarios below, determine the journal entry that Beerbo would record to retire
Thank you so much!
3.LO 9.3: Calling all bonds! For each of the scenarios below, determine the journal entry that Beerbo would record to retire its bonds. Assume Beerbo has a December 31 fiscal year-end (FYE) and has the following accounts in its ledger: Bonds Payable Loss on Bond Retirement Cash Premium on Bonds Payable Discount on Bonds Payable Gain on Bond Retirement 3.a.Call price quote: 105 3.a.i.Analysis Bonds Payable........ 100,000 > Premium on Bonds Payable..... 2,000 > Carrying value of bonds:. Call price (amount): .......... >Gain (Loss) on retirement:. 3.a. ii. Provide journal entries for the following transactions only fill in the necessary cells). Bond retirement CR DR 3.b.Call price quote: 103 3.b.i.Analysis Bonds Payable......... > Premium on Bonds Payable. > Carrying value of bonds:... > Call price (amount): Gain (Loss) on retirement: 100,000 1,000 3.b.ii. Provide journal entries for the following transactions (only fill in the necessary cells). Bond retirement DR CR 3.C.Call price quote: 101 3.c.i.Analysis Bonds Payable........ $ > Premium / Discount on Bonds Payable....$ Carrying value of bonds:...... Call price (amount): .......... Gain (Loss) on retirement: 100,000 0 I 3.c.ii. Provide journal entries for the following transactions (only fill in the necessary cells). Bond retirement DR CR 3.d.Call price quote: 99 3.d.i.Analysis Bonds Payable.......... Discount on Bonds Payable............ Carrying value of bonds:. > Call price (amount): ......... Gain (Loss) on retirement: .......... 100,000 1,000 3.d.ii.Provide journal entries for the following transactions (only fill in the necessary cells). Bond retirement DR CR 3.e. Call price quote: 97 3.e.i.Analysis Bonds Payable........ Discount on Bonds Payable.. > Carrying value of bonds:. Call price (amount): Gain (Loss) on retirement:.. 100,000 2,000 3.e.ii. Provide journal entries for the following transactions (only fill in the necessary cells). Bond retirement DR CR Step by Step Solution
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