On January 2 2003 Banno Corporation Issued 1500000 Of 10

On January 2, 2003, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2012. Legal and other costs of $24,000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. The $24,000 bond issue costs are being deferred and amortized. The discount on the bonds is also being amortized.
The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2008, Banno called $900,000 face amount of the bonds and retired them. For the bonds called, unamortized bond discount at retirement was $13,500, and unamortized bond issue cost was $7,200.

Instructions
Ignoring income taxes, compute the amount of loss, if any, to be recognized by Banno as a result of retiring the $900,000 of bonds in 2008, and prepare the journal entry to record the retirement.

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount