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Hoover Corp. a wholesaler of music equipment, issued $20,000,000 of 20-year, 6% callable bonds on March 1, 2012, at their face amount, with interest
Hoover Corp. a wholesaler of music equipment, issued $20,000,000 of 20-year, 6% callable bonds on March 1, 2012, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Joumalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 2012 Mar 1 Issued the bonds for cash at their face amo Sept 1 2014 Sept 1 Paid the interest on the bonds. Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
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