# 10 fast questions

1. A \$600,000 bond was retired at 98 when the carrying value of the bond was \$592,000. The entry to record the retirement would include a (Points : 2)       gain on bond redemption of \$8,000.

loss on bond redemption of \$8,000.

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10 fast questions

loss on bond redemption of \$4,000.

gain on bond redemption of \$4,000.

Question 2. 2. Bond interest paid is (Points : 2)       higher when bonds sell at a discount.

lower when bonds sell at a premium.

the same whether bonds sell at a discount or a premium.

higher when bonds sell at a discount and lower when bonds sell at a premium.

Question 3. 3. A bond with a face value of \$200,000 and a quoted price of 102¼ has a selling price of (Points : 2)       \$240,450.

\$204,050.

\$200,450.

\$204,500.

Question 4. 4. Lake Company received proceeds of \$188,500 on 10-year, 8% bonds issued on January 1, 2011. The bonds had a face value of \$200,000, pay interest semi-annually on June 30 and December 31, and have a call price of 101. Lake uses the straight-line method of amortization.

What is the amount of interest Lake must pay the bondholders in 2011? (Points : 2)

\$15,080

\$16,000

\$17,150

\$14,850

Question 5. 5. Jarmin Company received proceeds of \$188,500 on 10-year, 8% bonds issued on January 1, 2011. The bonds had a face value of \$200,000, pay interest semi-annually on June 30 and December 31, and have a call price of 101. Jarmin uses the straight-line method of amortization.

What is the carrying value of the bonds on January 1, 2013? (Points : 2)

\$200,000

\$190,800

\$197,700

\$189,650

Question 6. 6. A \$600,000 bond was retired at 103 when the carrying value of the bond was \$622,000. The entry to record the retirement would include a (Points : 2)       gain on bond redemption of \$18,000.

loss on bond redemption of \$12,000.

loss on bond redemption of \$18,000.

gain on bond redemption of \$4,000.

Question 7. 7. If bonds with a face value of \$150,000 are converted into common stock when the carrying value of the bonds is \$135,000, the entry to record the conversion will include a debit to (Points : 2)       Bonds Payable for \$150,000.

Bonds Payable for \$135,000.

Discount on Bonds Payable for \$15,000.

Bonds Payable equal to the market price of the bonds on the date of conversion.

Question 8. 8. A bond trustee does not (Points : 2)       issue the bonds.

keep a record of each bondholder.

hold conditional title to pledged property.

maintain custody of unsold bonds.

Question 9. 9. Lark Corporation retires its \$800,000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying value of the bonds at the redemption date is \$829,960. The entry to record the redemption will include a (Points : 2)       credit of \$10,040 to Loss on Bond Redemption.

debit of \$10,040 to Loss on Bond Redemption.

credit of \$10,040 to Premium on Bonds Payable.

debit of \$40,000 to Premium on Bonds Payable.

Question 10. 10. Hernandez Corporation issues 3,000, 10-year, 8%, \$1,000 bonds dated January 1, 2012, at 98. The journal entry to record the issuance will show a (Points : 2)       debit to Cash of \$3,000,000.

credit to Discount on Bonds Payable for \$60,000.

credit to Bonds Payable for \$3,040,000.

debit to Cash for \$2,960,000.

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