Ok, so I am in an upper level accounting class and for the life of me cannot figure out this problem. If there are any accountants out there that could lend me a hand, that would be great!

On january 1, 2001, Ben Corp. issued $600,000 of 5% ten year bonds at 103. Ben recorded amortization using the straight-line method (i.e., the amount is considered immaterial). On Dec. 31, 2005, when the fair value of the bonds was 98, Ben repurchased $300,000 of bonds in the open market at 97. Ben has an effective income tax rate of 20%. Ben has recorded interest and amortization for 2005. Ben should record this retirement as follows.

I just need to make the journal entry for the retirement of the bonds....

 

Sorry can't help you, but I was going down the list of **** posts both before and after your post and I amost reported yours as a "bad post", whoops!! glad I actually read what you had written.

 

Haha, ya I noticed those "bad posts" earlier. I really am not counting on any replies to this, for I know most accountants probably wont even know the answer to this.

 

Contact Silverfox. Maybe he can help you.

 

Alter the books and pocket the cash. I'm not an accountant and I don't play one on T.V.
See if your teacher goes for that answer.

 

My high school age son was explaining homework to another kid "just write some B.S. down, put in math problems that "look good" talk about the subject and write messy" Or you could find some archaic cost/time/market share/stock value/median % formula to reference! Guess I can see where he gets the B.S. from

 

My mom said that when she was going to school for accounting, she had a problem that she couldn't solve and tried calling the IRS to get help - they somehow got her off the phone without giving her the answer, as if they'd had a few students try it before, haha.

 

Let your prof drive your xfire and you'll get an "A".

Sorry, couldn't help that!

 

Dr Z has the answer!! spin the problem off, and have production phased out