7252569-MIdterm-1 (dragged) 34

7252569-MIdterm-1 (dragged) 34 - Net carrying amount of...

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Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition 14-18 ILLUSTRATION 14-3 (continued) 5. Entries, if bonds recalled on 12/31/06. Expenses of recall: $2,000 Cash paid = (1.05 x $100,000) + $2,000 = $107,000
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Unformatted text preview: Net carrying amount of bond = $100,000 - $1,817.57= $98,182.43 Loss on extinguishment = $107,000 - $98,182.43 = $8,817.57 Journal entry: Bonds Payable 98,182.43 Loss on Extinguishment 8,817.57 Cash 107,000.00...
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This note was uploaded on 03/28/2012 for the course ACCTG ACC423 taught by Professor Smith during the Spring '10 term at University of Phoenix.

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