A $600,000 Bond Was Retired at 98 When the Carrying

question 227

Multiple Choice

A $600,000 bond was retired at 98 when the carrying value of the bond was $590,000.The entry to record the retirement would include a

• A)credit to Cash for $588,000.
• B)a debit to Loss on Bond Redemption of $10,000.
• C)a debit to Discount on Bonds Payable for $8,000.
• D)a debit to Gain on Bond Redemption of $2,000.

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Definitions:

Issued Capital

The total value of a company's shares that have been issued to shareholders.

Elimination

The process of removing internal transactions or balances when preparing consolidated financial statements to avoid double counting.

Dividend Elimination

The process of removing the effects of dividends paid by subsidiaries to the parent from consolidated financial statements to avoid double counting.