Jason Day Company had bonds outstanding with a maturity value of $329,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Cheyenne 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 101 (face value $329,000).
Required:
1. Ignoring interest, compute the gain or loss and record this refunding transaction.
(AICPA adapted)

Loss on redemption of bonds = $29,740

Refunding transaction journal entry is given below.

Explanation:

Reacquisition cost ($329,000 * 106%) = $348,740

Add: unamortized discount = $10,000

Less: face value of the bonds = $329,000

Loss on redemption of bonds = $29,740

Debit: Bonds payable $329,000

Debit: Loss on redemption of bonds $29,740

Credit: Discount on bonds $10,000

Credit: Cash $348,740

Debit: Cash ($329,000 × 101%) = $332,290

Credit: Premium on bonds payable $3,290

Credit: Bonds payable $329,000

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explanation:

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