9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in the image appear. Interest is payable semiannually on January 1 and July 1. On January 1, 2012, Kansas, Inc. redeemed the bonds at 96 plus accrued interest. How much is the gain (or loss) on the redemption of the bonds? 18% Bonds payable, due January 1, 2013 P1,000,000 Premium on bonds payable 70,000 Accrued interest on bonds payable 90,000   a. P40,000 b. P(40,000) c. P110,000 O d. P(110,000)

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A:

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A: The question is based on the concept of Financial Accounting.

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A: Here in this case we are required to make entry for the purchase of bond and its interest. when we…

Q: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Redemption value = face value x redemption price  = 1000000 x 96/100 = P960,000

Q: 3. Terry Company is authorized to issue P5,000,000 of 6%, 10- year bonds dated July 1, 2011 with…

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A: Straight line method  amortization= Premium or discount/ number of period bond is outstanding.…

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A:

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A:

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A:

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A: Bonds are the instruments that are issued by an entity for the purpose of raising its finance.