Entries for Issuing and Calling Bonds; Gain : Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp, Issued $347,000 of 15-year, 13% callable bonds on May 1, 20Y1, at the 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. 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. If an amount box does not require an entry, leave it blank. 20Y1, May 1 88 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 2011, NOV. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank 2015, Nov. 1 38
Entries for Issuing and Calling Bonds; Gain : Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp, Issued $347,000 of 15-year, 13% callable bonds on May 1, 20Y1, at the 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. 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. If an amount box does not require an entry, leave it blank. 20Y1, May 1 88 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 2011, NOV. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank 2015, Nov. 1 38
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Entries for Issuing and Calling Bonds; Gain :
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $347,000 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.
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. If an amount box does not require an entry, leave it blank.
20Y1, May 1
88
Paid the interest on the bonds. If an amount box does not require an entry, leave it blank.
2011, NOV. 1
38
Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank
2015, Nov. 1
38
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