1 answer

Print Item Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines....

Question:

Print Item Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance i
Print Item Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. Issued $15,000,000 of 20-year, 9% Callable bonds on May 1, 2041, 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: 2011 May 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds. Nov. 1 2022 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)

Answers

Date Description Debit Credit
May 1,20Y1 Cash 15000000
     Bonds payable 15000000
Nov 1,20Y1 Interest expense 675000 =15000000*9%*6/12
      Cash 675000
Nov 1,2022 Bonds payable 15000000
      Cash 14400000 =15000000*0.96
      Gain on redemption of bonds 600000
.

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