5600 00 bond was recond he Carrying Value of the B) Loss om bond edeo$10300 C) L

Question

5600 00 bond was recond he Carrying Value of the B) Loss om bond edeo$10300 C) Loss on bond vedempaion of $2,800 D) Gain on lbond redepsion of $2.000 2. A 5600,000 bond was retired at 103 when th Net Carryig Ve ol the oe w 5622,000. The enty to record the reirement woà mc'rale A) Gain on bovd redemption of 518,0o0. B) 388 on bond redemption or s12,00. C) Lows on boed redemption of Si8 o00. D) Gain on boed redemptiom ot 54,0, 3. If Vickers Compaary issques 4,000 shares of $5 par valwe eommon sturk sers) o $140,000 A) CoMOn Stock (CIS) will be credited (CR) for $1-4S B) Paid-In Capital is Excess of Par Value (APIC) will be eredited (CRy tot $20000 C) Paid-In Capital in Excess of Par Valoe (APIC) w be eredhed (CRy for $120, D) Cash will be debited (DR) fot $120,000 4. If Common Stock (CS) is issued for an amwount greater tren par vañue, the esess sherdld be credited (CR) to A) Cash B) Retained Earnings C) Paid-in Capital in Excess of Par Value. (APIC or PIC) D) Legal Capital. 5. If Kiner Company issues 3,00 shares of $5 par value Common Stock (C/S) for700 B) Paid-in Capital in Excess of Par Value (APIC) will be credited (CR) for $15,0a. C) Paid-in Capi Valuc (APIC will be credied (CR for s703800 the account A) Common Stock (C/S) will be credited (CR) for $15,000. Cash will be debited (DR) for $55,000. Page l

Explanation / Answer

1) Journal Entry Debit Credit Bonds payable 600,000 Gain on disposal 2,000 unamortized discount on bonds 10,000 cash (600,000*.98) 588,000 option D is the correct option 2) Journal Entry Debit Credit Bonds payable 600,000 unamortized premium on bonds 22,000 gain on disposal 4,000 Cash (600,000*1.03) 618,000 option D is the correct option 3) cash 140,000 common stock (4000*5) 20000 paid in excess of par value 120,000 option C is the correct answer 4) option c paid in capital in excess of par value (APIC or PIC) 5) cash 70,000 common stock (3000*5) 15,000 paid in excess of par value 55,000 option A is the correct option

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