Three years ago American Insulation Corporation issued 10%, $830,000, 10-year bonds for $785,000. American Insulation exercised its call privilege and retired the bonds for $820,000. The corporation uses the straight-line method to determine interest. Prepare the journal entry to record the call of the bonds.

Explanation:

Subtract discount amount amortized for 3 years - 45,000/10 *3

So 45,000 - 14,500 = 31,500

Par value of the bonds                             $830,000                                                                                                                

Less: Discount on bonds payable            $31,500

Book value of the bonds on the date of call of the bonds                                                              $798,500

Less: Amount paid to reacquire the bonds$820,000

Loss on redemption of bonds ($21,500)

Based on the calculations, now we can journalize the entries:

Dr Bonds Payable 830,000

Dr Loss early extinguishment 21,500

    Cr Discount on Bonds Payable      31,500

    Cr Cash                                             820,000

ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'

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