Here is three of the question, so you have some idea what the questions will be like.
1. Sunland Company had bonds outstanding with a maturity value of $323,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Sunland had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $323,000).
Ignoring interest, compute the gain or loss.
Ignoring interest, record this refunding transaction. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2. Metlock Mining Company declared, on April 20, a dividend of $414,000 payable on June 1. Of this amount, $131,000 is a return of capital.
Prepare the April 20 and June 1 entries for Metlock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
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