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Bonds Payable has a balance of $810,000 and Premium on Bonds Payable has a balance of $8,910. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption?

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Answer:

Loss on redemption = $16,200 - $10,395 = $5,805

Explanation:

Loss on redemption = $8,505

Redemption value of bonds = $810,000 * 102% = $ 826.200  

Premium on bonds payable = $ 826.200 - $810,000 = $16,200

Loss on redemption = $16,200 - $10,395 = $5,805

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