Essay
A company issued $1,000,000 of 30-year, 8% callable bonds on April 1, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:Year 1Apr. 1Issued the bonds for cash at their face amount.Oct. 1Paid the interest on the bonds.Year 3Oct. 1Called the bond issue at 104, the rate provided in the bond indenture.
(Omit entry for payment of interest.)
Correct Answer:
Verified
Correct Answer:
Verified
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