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(solution) 1. The December 31, 2010, balance sheet of Ming Inc.


1. The December 31, 2010, balance sheet of Ming Inc. included 12% bonds with a face amount of $100 million. The bonds were issued in 1998 and had a remaining discount of $3,400,000 at December 31, 2010. On January 1, 2011, Ming called the bonds at a price of 102. Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2011. 2. How do U.S. GAAP and International Financial Reporting Standards (IFRS) differ with respect to debt and equity for preferred stock?

 


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