Business, 16.02.2021 20:20 RealGibbon857

- Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and
erat September 1. The fiscal year of the company is the calendar year. Journalize the entries
to record the following selected transactions:
20Y1
Mar. 1. Issued the bonds for cash at their face amount.
Sept. 1. Paid the interest on the bonds.
2045
Sept. 1. Called the bond issue at 102, the rate provided in the bond indenture.
(Omit entry for payment of interest.)

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Answer from: gegrgrkj

Please see answer in explanation column

Explanation:

The Journal entry is shown below:-

1. To record the issue of bonds payable

Date Account titles and explanation Debit Credit

March 1 20Y1 Cash $22,000,000

To Bonds payable $22,000,000

2.To record Interest on the bonds paid

Date Account titles and explanation Debit Credit

Sept 1 20Y1 Interest expense $770,000

Cash $770,000

Calculation:

Interest = face value of bonds x interest rate x time

=$22,000,000 x 7% x 6/12

=$770,000

3. To record bonds on retirement is recorded

Date Account titles and explanation Debit Credit

Sept 1 2045 Bonds payable $22,000,000

Loss on retirement of bonds $440,000

To Cash $22,440,000

Calculation:

Cash = $22,000,000 × 102/ 100) = 22,440,000

Loss on retirement of bonds = $22,440,000 - $22,000,000 = $440,000

Answer from: Quest

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Answer from: Quest

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- Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on...

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