Business, 28.06.2019 22:20 wbrandi118

On january 2,2009, banno corporation issued $1,500,000 of 10% bonds at 97 due december 31, 2018. legal and other costs of $24,000 were incurred in connection with the issue. interest on the bonds is payable annually each december 31. the $24,000 issue costs are being deferred and amortized on a straight-line basis over the 10-year term of the bonds. the discount on the bonds is also being amortized on a straight-line basis over the 10 years. (straight-line is not materially different in effect from the preferable "interest method.") the bonds are callable at 101 (i. e., at 101% of face amount), and on january 2, 2014, banno called $900,000 face amount of the bonds and redeemed them. instructions ignoring income taxes, compute the amount of loss, if any, to be recognized by banno as a result of retiring the $900,000 of bonds in 2014 and prepare the journal entry to record the redemption.

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On january 2,2009, banno corporation issued $1,500,000 of 10% bonds at 97 due december 31, 2018. leg...

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