On January 1,2015,Bonds Payable have a balance of $700,000.On December 31,2015,Bonds Payable have a balance of $800,000.During 2015,one bond of $10,000 was retired.No discounts or premiums were amortized in 2015.What amount of new bonds were issued in 2015?
A)$0
B)$90,000
C)$100,000
D)$110,000

Question

Quizplus · Accepted Answer

The increase in Bonds Payable from $700,000 to $800,000 is $100,000. Since a $10,000 bond was retired, $110,000 in new bonds must have been issued to result in the net increase.

On January 1,2015,Bonds Payable Have a Balance of $700,000