Question
Need the answers asap! Thank you for help! On December 31, 20x0, the Robin Corporation issues $5,000,000 of 5% bonds. The bonds are due on
Need the answers asap! Thank you for help!
On December 31, 20x0, the Robin Corporation issues $5,000,000 of 5% bonds. The
bonds are due on December 31, 20x10 and were issued to yield 4.6%. The bonds pay
interest semi-annually on June 30 and December 31. Bond issue costs of $53,000 were
incurred.
Required
a) Prepare all journal entries relative to this bond issue for the years ended
December 31, 20x0 and December 31, 20x1.
b) Assume that on July 2, 20x7, Robin repurchases 45% of the bond issue at 105.
Prepare the journal entry on July 2, 20x7. Also prepare the journal entry on
December 31, 20x7.
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