FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $30,500,000 of 20-year, 10% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
Required:
20Y1 | ||
May | 1 | Issued the bonds for cash at their face amount. |
Nov. | 1 | Paid the interest on the bonds. |
20Y5 | ||
Nov. | 1 | Called the bond issue at 99, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
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