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Presented below are three independent situations. 1. Longbine Corporation redeemed $130,500 face value, 10% bonds on June 30, 2017, at 105. The carrying value of

Presented below are three independent situations. 1. Longbine Corporation redeemed $130,500 face value, 10% bonds on June 30, 2017, at 105. The carrying value of the bonds at the redemption date was $117,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 2. Tastove Inc. redeemed $161,000 face value, 18% bonds on June 30, 2017, at 97. The carrying value of the bonds at the redemption date was $164,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 3. Precision Company has $84,000, 6%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 20 shares of Precision $10 par value common stock for each $1,000 worth of bonds. On December 31, 2017, after the bond interest has been paid, $19,000 face value bonds were converted. The market price of Precision common stock was $43 per share on December 31, 2017.

For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds.

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