Chap 11. Q.5 istory Bookmarkse teach X +genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseWorld History: Cul... P Sp23 Math 1080-...●●Bookmarks Profiles Tab Window Help99<20Y5May 1November 1eBookEntries for issuing and calling bonds; gainMia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,704,000 of 25-year, 11% callable bonds on May 1, 20Y5, at their face amount, with interestpayable 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:20Y9November 1Issued the bonds for cash at their face amount.Paid the interest on the bonds.FeedbackCalled the bond issue at 97, 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.20Y5 May 1 Cash ✔Bonds PayableCourse HomeIssued the bonds for cash at their face amount.Paid the interest on the bonds.Show Me How20Y5 Nov. 1 Interest Expense✓✓Check My WorkBonds payable is always recorded at face value.Cash✓►k88Updat eBook20Y5 Nov. 1 Interest ExpenseFeedbackCashCheck My WorkThe semiannual cash payment to bondholders is the interest expense when bonds are sold at face value.Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.)20Y9 Nov. 1 Bonds PayableFeedbackFeedbackShow Me How✔Gain on Redemption of Bonds✔CashCheck My WorkThe gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and theA corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds.Check My WorkPartially correct

Lets understand the basics. Journal entries refers to the recording of financial transaction in the…

for issuing and calling bonds; gain ia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,704,000 of 25-year, 11% callable bonds on May 1, 20Y5, at their face amount, with interest mayable on May 1 and November 1. The fiscal year of the company is the calendar year. ournalize the entries to record the following selected transactions: 20Y5 May 1 November 1 COY9 Issued the bonds for cash at their face amount. Paid the interest on the bonds. November 1 f an amount box does not require an entry, leave it blank. Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. Feedback 20Y5 May 1 Cash ✓ Bonds Payable Check My Work Bonds payable is always recorded at face value.