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What is the gain or loss on retirement of these bonds

    Assignment Instructions

    Assignment ID: FG133136169

    Question –

    Q1. On April 30, one year before maturity, Romo Company retired bonds/notes payable with a balance sheet value $300,000 of at the current market price of 102 (i.e., 102% of the bond balance sheet value). Bond interest is currently fully paid and recorded up to the date of retirement. What is the gain or loss on retirement of these bonds?

    a. $6,000 gain

    b. $6,000 loss

    c. No gain or loss is recorded when bonds/notes are retired.

    d. $300,000 gain

    e. $300,000 loss

    Q2. Skye Company sells a single product at a selling price of $32 per unit.  Variable expenses are $12 per unit and fixed expenses are $41,400. Sally’s break-even point is:

    a. 1,380 units

    b. 2,300 units

    c. 2,070 units

    d. 6,900 units

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