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w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator; assignment-take&inprogress-false; oblems eBook B Show Me How Calculator Print item Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind energy-driven engines. To finance its operations, Emil Corp. issued $1,189,000 of 20-year, 9% callable bonds on May t, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20YS Nov. 1 Called the bond issue at 95, the rate provided in the bond indenture Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Y1 May 1 Paid the interest on the bonds. 20Y1 Nov. 1 Called the bond issue at 95, the rate provided in the bond Indenturg. (Omit entry for pavment of interest.) For a comoound transaction. if an amount box

Explanation / Answer

1 Cash 189000 Bond Payable 189000 2 Interest expense 8505 Cash (189000*.09/2) 8505 2 Bond Payable 189000 Gain on retirement of bonds 9450 Cash (189000*.95) 179550

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