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Journalize the entries to record the selected transactions

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Rushton Corp., a wholesaler of music equipment, issued $11,840,000 of 25-year, 10% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.

20Y1

Mar. 1

Issued the bonds for cash at their face amount.

Sept. 1

Paid the interest on the bonds.

20Y5

Sept. 1

Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.)

Problem 1: Journalize the entries to record the above selected transactions.

Reference no: EM132905803

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