At December 31, 2020 the following balances existed on the books of Rentro Corporation: Bonds Payable $7,000,000 Discount on Bonds Payable 960,000 Interest Payable 168,000 If the bonds are retired on January 1, 2021, at 101, what will Rentro report as a loss on redemption

Loss on retirement of debt = $1,030,000

Explanation:

the company paid $7,070,000 in order to retire the bonds, and hte journal entry was:

Dr Bonds payable 7,000,000

Dr Loss on retirement of debt 1,030,000

    Cr Cash 7,070,000

    Cr Discount on bonds payable 960,000

Loss on retirement of debt = cash paid - carrying value = $7,070,000 - $6,040,000 = $1,030,000

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