Entries for Issuing and Calling Bonds; Gain
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,466,000 of 15-year, 13% 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 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
Issued the bonds for cash at their face amount.
20Y1, May 1 | |||
Paid the interest on the bonds.
20Y1, Nov. 1 | |||
Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) For a compound transaction, if an amount box does not require an entry, leave it blank.
20Y5, Nov. 1 | |||
20Y1, May 1 | Cash | 1466000 | ||
Bonds payable | 1466000 | |||
20Y1, Nov. 1 | Interest expense | 95290 | =1466000*13%/2 | |
Cash | 95290 | |||
20Y5, Nov. 1 | Bonds payable | 1466000 | ||
Cash | 1436680 | =1466000*0.98 | ||
Gain on redemption of bonds | 29320 |
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance...
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