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retire bonds payable
Bonds payable, December 31,2011 $500,000
Bonds Payable, December 31,2012 $800,000 Loss on bond retirement--2012 $15,000 Interest expense on bonds--2012 $45,000 At the end of 2012, Germantown issued b bonds at par value for $800,000 cash.The proceeds from these bonds were used to retire the $500,000 bond issue outstanding at the end of 2011 ( before their maturity date). All interest expense was paid in cash during 2012. How much did Germantown pay to retire the $500,000 bond issue during 2012? a. 485,000 c. 515,000 b. 500,00 d.560,000 |
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