1- Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $862,000 of 25-year, 12% 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.

20Y5

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.

20Y1, May 1

Paid the interest on the bonds.

20Y1, Nov. 1

Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)

20Y5, Nov. 1