Reference no: EM133057834
Question - On April 1, 2020, Novak Company sold 13,500 of its 11%, 15-year, $1,000 face value bond at 97. Interest payments dates are April 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Novak took advantage of favorable prices of its stock to extinguish 6,300 of the bonds by issuing 207,900 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company stock was selling for $31 per share on March 1, 2021.
Prepare the journal entries on the books of Novak Company to record the following.
(a) April 1, 2020: issuance of bonds
(b) October 1, 2020: payment of semi-annual interest
(c) December 31, 2020: Accrual of interest expense
(d) March 1, 2021: Extinguishment of 6,300 bonds
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