Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,598,000 of 10-year, 14% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Homework Answers
Journal entry
| Date | Account and explanation | Debit | Credit |
| May 1 | Cash | 1598000 | |
| Bonds payable | 1598000 | ||
| Nov 1 | Interest expense (1598000*14%*6/12) | 111860 | |
| Cash | 111860 | ||
| Nov 1 | Bonds payable | 1598000 | |
| Gain on bond redemption | 63920 | ||
| Cash (1598000*.96) | 1534080 | ||
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