Entries for Issuing and calling Bonds; Gain Emil Corp, produces and sells Wind-energy-driven engines. To finance its operations, Emil Corp, issued $340,000 of 10-year, 13% callable bonds on May 1, 2011 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: 2011 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 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 2011, May 1 Cash 1,000 Bonds Payable 30.000 Check my word Corred Pald the interest on the bonds. If an amount box does not require an entry, love it blank 2071, Now 1 Interest Expense 440 x Cash 4410X Few Pald the interest on the bonds. If an amount box does not require an entry, leave it blank. 2041, Nov. 1 Interest Expense 4420 X Cash 4,420 Feedback Deck My Wor Partially correct 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 Payable Gain on Redemption of bonds Cash Teedback Check My Won The gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price. A corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds. Feedback MyWort Partly correct