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Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,402,000 of 15-year, 8% callable bonds on May 1, 2011, 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. Nov. 1 Paid the interest on the bonds. 2015 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 ca at their face amount. 2011, May 1 Paid the interest on the bonds. 2011, 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. 2015, Nov. 1

Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,402,000 of 15-year, 8% callable bonds on May 1, 2011, 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. Nov. 1 Paid the interest on the bonds. 2015 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 ca at their face amount. 2011, May 1 Paid the interest on the bonds. 2011, 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. 2015, Nov. 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show Me How Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,402,000 of 15-year, 8% 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: 2011 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 2015 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. 2011, May 1 Paid the interest on the bonds. 2011, 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, it an amount box does not require an entry, leave it blank. 20Y5, Nov. 1 88 CO
Transcribed Image Text:Show Me How Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,402,000 of 15-year, 8% 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: 2011 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 2015 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. 2011, May 1 Paid the interest on the bonds. 2011, 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, it an amount box does not require an entry, leave it blank. 20Y5, Nov. 1 88 CO
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