Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $739,000 of 20-year, 10% 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. 20Υ5 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Υ1, May 1 Cash 739,000 Bonds Payable 739,000 Paid the interest on the bonds. 20Υ1, Νoν. 1 Called the bond issue at 96, 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

Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $739,000 of 20-year, 10% 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. 20Υ5 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Υ1, May 1 Cash 739,000 Bonds Payable 739,000 Paid the interest on the bonds. 20Υ1, Νoν. 1 Called the bond issue at 96, 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

Name: How would I journalize 20y1 and 20y5? Entries for Issuing and Calling
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Description: How would I journalize 20y1 and 20y5? Entries for Issuing and Calling Bonds; GainEmil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $739,000 of 20-year, 10% callable bonds on May 1, 20Y1, at their f

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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