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Prepare the journal entries needed on the books of Bramble

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Question - On April 1, 2020, Bramble Company sold 34,200 of its 10%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Bramble took advantage of favorable prices of its stock to extinguish 4,800 of the bonds by issuing 158,400 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $ 31 per share on March 1, 2021.

Prepare the journal entries needed on the books of Bramble Company to record the following:

(a) April 1, 2020: issuance of the bonds.

(b) October 1, 2020: payment of semiannual interest.

(c) December 31, 2020: accrual of interest expense.

(d) March 1, 2021: extinguishment of 4,800 bonds. (No reversing entries made.)

Reference no: EM133067129

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