A $309,000 bond was redeemed at 103 when the carrying amount of the bond was $321,051. What amount of gain or loss would be recorded as part of this transaction

$2,781

Explanation:

The journal entry is shown below:

Bonds payable$309,000  

Premium on bonds payable$12,051  ($321,051 - $309,000)

      To Gain on redemption of bonds  $2,781

      To cash ($309,000 × 1.03)  $318,270

(being the bond payable issued is recorded)

For recording this we debited the bond payable and the premium on bond payable and credited the gain and cash so that the correct posting could be done

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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