Entries for Issuing and Calling Bonds Gain Emil Corp produces and sells wind energy driven engines To finance its operations, Emil Corp issued $1,603,000 of 10 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 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 97, 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 Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds Select Select Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds Select Select Paid the interest on the bonds If an amount box does not require an entry, leave it blank 20Y1, Nov 1 Bonds PayableCashInterest ExpenseInterest PayableLoss on Redemption of Bonds Select Select Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds Select Select Called 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, Nov 1 Bonds PayableCashGain on Redemption of BondsInterest ExpenseLoss on Redemption of Bonds Select Select Bonds PayableGain on Redemption of BondsInterest ExpenseInterest PayableLoss on Redemption of Bonds Select Select Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds Select Select

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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 $1,603,000 of 10-year, 8%

Entries for Issuing and Calling Bonds; Gain

Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,603,000 of 10-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:

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 97, 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	Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds	- Select -	- Select -
	Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds	- Select -	- Select -

Paid the interest on the bonds. If an amount box does not require an entry, leave it blank.

20Y1, Nov. 1	Bonds PayableCashInterest ExpenseInterest PayableLoss on Redemption of Bonds	- Select -	- Select -
	Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds	- Select -	- Select -

Called 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, Nov. 1	Bonds PayableCashGain on Redemption of BondsInterest ExpenseLoss on Redemption of Bonds	- Select -	- Select -
	Bonds PayableGain on Redemption of BondsInterest ExpenseInterest PayableLoss on Redemption of Bonds	- Select -	- Select -
	Accounts PayableBonds PayableCashInterest ExpenseLoss on Redemption of Bonds	- Select -	- Select -