Question
Entries for Issuing and Calling Bonds; Loss Polders Corp., a wholesaler of office equipment, issued $12,640,000 of 15-year, 14% callable bonds on March 1, 2014,
Entries for Issuing and Calling Bonds; Loss
Polders Corp., a wholesaler of office equipment, issued $12,640,000 of 15-year, 14% callable bonds on March 1, 2014, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.
2014 | |
Mar. 1 | Issued the bonds for cash at their face amount. |
Sept. 1 | Paid the interest on the bonds. |
2018 | |
Sept. 1 | Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
Journalize the entries to record the above selected transactions.
The Following I got and is Correct :
Issued the bonds for cash at their face amount.
March 1, 2014
Cash | 12640000 | |
Bonds Payable | 12640000 |
The Following I got and is Correct :
Paid the interest on the bonds
Sept 1, 2014
Interest Expense | 884800 | |
Cash | 884800 |
I need HELP on the following:
Called the bond issue at 102, 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.
Sept 1, 2018
???? | ???? | |
???? | ???? | |
Cash | ???? |
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