Reference no: EM133091369
Question - North Airlines Company issued $900,000 of 8%, 10-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1.
Required -
Prepare the journal entries to record the following events. (a) The issuance of the bonds.
(b) The accrual of interest on December 31.
(c) The payment of interest on January 1, 2018.
(d) The redemption of bonds at maturity, assuming interest for the last interest period has been paid and recorded
2. Hollenbeck Company issued $3,000,000 of bonds on January 1, 2017.
(a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 103.
(b) Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100.
(c) Prepare the journal entry to record the retirement of the bonds before maturity at 98.
Assume the balance in Premium on Bonds Payable is $18,000.
(d) Prepare the journal entry to record the conversion of the bonds into 70,000 shares of $1 par value common stock. Assume the bonds were issued at par.
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