On January 1, 2025, Weevil Company issued $400,000 of 10%, f…

On January 1, 2025, Weevil Company issued $400,000 of 10%, five-year bonds payable at 107. Weevil Company has extra cash and wishes to retire the bonds payable on January 1, 2026, immediately after making the second semiannual interest payment. To retire the bonds, Weevil Company pays the market price of 98. (Assume the bonds payable are amortized using the straight-line amortization method.) What is Weevil Company’s carrying amount of the bonds payable on the retirement date? In order for your answer to be graded correctly, do NOT use a $. DO use commas, when needed.

Weevil Company purchased a bond on December 1 of the current…

Weevil Company purchased a bond on December 1 of the current year for $57,700 and classified the investment as trading. The market value of the investment at year-end is $61,300.  What value will be reported in Net income for the adjustment? In order for your answer to be graded correctly, do NOT use a $. DO use commas, when needed.