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March 1 Issued $ 3 2 0 , 0 0 0 ( face value ) 8 % bonds for $ 3 4 8 , 8

March 1
Issued $320,000(face value)8% bonds for $348,864, including accrued interest. Interest is payable semi-annually on December 1 and June 1 with the bonds maturing 10 years from the previous December 1. The bonds are callable at 104.
June 1
Paid semi-annual interest on the bonds. Use straight-line amortization for any premium or discount.
December 1
Paid semi-annual interest on the bonds, and then purchased $160,000 face value bonds at the call price in accordance with the provisions of the bond indenture.
Prepare the necessary journal entries to record the above transactions relating to the long-term issuance of bonds by Splish Brothers Corp. The journal entries to be done are dated: March 1, June 1, December 1. The December 1 journal entry is two parts: recording payment of interest and recording gain on redemption.
(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order
presented in the problem. Do not round intermediate calculations. Round answers to 0 decimal places, e.g.5,275.)

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