On February 1, 2014, Pen Co. issued $150,000, 9% (payable quarterly), 5-year bonds for total cash proceeds of

$133,263. Pens year end is October 31.

Required: (round to the nearest dollar, use the box below for your answers)

a. Prepare the adjusting journal entry(ies) for purposes of the October 31, 2014 year-end.

b. Prepare the journal entry(ies) on February 1, 2015.

c. On March 1, 2015, Pen purchased 30% of the bonds on the open market for 95 plus accrued interest.

Prepare the journal entry(ies) to update the portion of the bond issue retired and the debt retire