The Raptor retires a $20 million bond issue when the carrying value of the bonds is $18 million, but the market value of the bonds is $15 million. The entry to record the retirement will include:
A. A credit of $3 million to a gain account.
B. No gain or loss on retirement.
C. A debit of $3 million to a loss account.
D. A credit to cash for $18 million.
Answer: A
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a. the regular checking account b. a payroll imprest account c. a wages payable account d. petty cash
Musketeer Corporation has the following income and expense items during the current year:Net income from operations (before dividend income)$ 120,000Dividends from 10% owned corporations240,000The allowed dividends-received deduction is
A. $156,000. B. $240,000. C. $180,000. D. $120,000.
An agency that is inferred from the conduct of the parties is called an apparent agency
Indicate whether the statement is true or false
Which of the following statements is true if total fixed costs decrease while the sales price per unit and variable cost per unit remain constant?
A) The contribution margin increases. B) The breakeven point increases. C) The contribution margin decreases. D) The breakeven point decreases.