For each independent situation below, prepare the appropriate journal entry for the retirement. a) Noble Corporation retired $130,000 face value, 12% bonds on June 30, 2018, at a price of 102. The carrying (book) value of the bonds at the retirement date was $107,500. The bonds pay semiannual interest and the interest payment due on June 30, 2018, has been made and recorded. b) Vargas, Inc. retired $150,000 face value, 12.5% bonds on June 30, 2018 at a price of 96. The carrying (book) value of the bonds at the redemption date was $151,000. The bonds pay semi-annual interest and the interest payment due on June 30, 2018, has been made and recorded.

kindly check Explanation

Explanation:

DISCOUNT:

Carrying value : 107,500

Face value: (130,000)

Discount : (22500)

PROFIT / LOSS:

Carrying value: 107,500

Retirement price : (132,600) [130,000 × 102]

Loss : (25,100)

June 30, 2018Bonds payable130,000

Loss on retirement 25100

- - - - - - - - - - Discount on bond payable 22,500

- - - - - - - - - - - - - - - - - - - - - - Cash 132,600

Record redemption of bond at loss

B.) PREMIUM :

Carrying value : 151,000

Face value: (150,000)

Discount : 1000

CALCULATE PROFIT/LOSS:

Carrying value: 151,000

Retirement price : (147000) [150,000 × 98]

Profit : (4000)

June 30, 2018Bonds payable150,000

Gain on redemption 4000

- - - - - - - - - - - - - - - premium on bond 1000

- - - - - - - - - - - - - - - - - - - - - - Cash 147,000

Record redemption of bond at gain

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported

answer; limited pay life;