Exercise 14-13 Kingbird, Inc. had outstanding $6,430,000 of 10% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,280,000 of 9%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 10% bonds (with unamortized discount of $192,900) at 103 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 14-13 Kingbird, Inc. had outstanding $6,430,000 of 10% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,280,000 of 9%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 10% bonds (with unamortized discount of $192,900) at 103 on August 1 Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automaticallly indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Date July 1 (To record issuance of 9% bonds) August 1 (To record retirement of 10% bonds) Open Show Work Click if you would like to Show Work for this