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Prepare the journal entries necessary to record the issue

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Question - Entries for redemption and Issuance of Bonds - Matt Perry, Inc. had outstanding$6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was used to call the 11% bonds ( with an unamortized discount of $120,000) at 102 on August 1.

Prepare the journal entries necessary to record the issue of the new bonds and the refunding of the bonds.

Reference no: EM133067558

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