Worldview Magazine, Inc., issued $300,000 of 15-year, 5% callable bonds payable on July 31, 2012, at a

Question:

Worldview Magazine, Inc., issued $300,000 of 15-year, 5% callable bonds payable on July 31, 2012, at a price of 96. On July 31, 2015, Worldview called the bonds at a price of 101.
Requirements
1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2015. The company uses the straight-line method to amortize bond discount.
2. Assume all amortization has been recorded properly. Journalize the retirement of the bonds on July 31, 2015. No explanation is required.