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Prepare the journal entries necessary to record issue

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Reference no: EM133187068

Question - Suarez, Inc. had outstanding $6,360,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $8,450,000 of 11%, 15-year bonds (interest payable July 1 and January 1) at 99. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $254,400) at 104 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds.

Reference no: EM133187068

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