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Prepare the journal entries related to the bonds

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Question - Effective April 1, 2014, The Bloomington Corporation, which has a December 31 year-end, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of 8% per year and had a term of six years. Interest was payable each September 30 and March 31. On July 1, 2015, Bloomington issued 1,000 of the bonds in exchange for $906,000 in cash. On October 1, 2017, Bloomington called the bonds, and paid the existing bondholders $1,150,000 in cash.

Prepare the journal entries related to the bonds the Bloomington made for the period April 1, 2014 through December 31, 2015. In addition, prepare the journal entry the company made when it redeemed the bonds in October 2017.

Reference no: EM131640717

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