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Problem - Entries for Retirement and Issuance of Bonds
On June 30, 2002, Mendenhal Company issued 8% bonds with a par value of $600,000 due in 20 years. They were issued at 82.8414 to yield 10% and were callable at 104 at any date after June 30, 2010. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2011, and to issue new bonds. New 6% bonds were sold in the amount of $800,000 at 112.5513 to yield 5%; they mature in 20 years. Interest payment dates are December 31 and June 30 for both old and new bonds.
Instructions -
(a) Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June 30, 2011. Unamortized discount is $78,979.
(b) Prepare the entry required on December 31, 2011, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
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