Robinson inc had outstanding 5067000 of 11 bonds interest

Reference no: EM13598022

Robinson, Inc. had outstanding $5,067,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $7,132,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 94. A portion of the proceeds was used to call the 11% bonds at 102 on August 1. Unamortized bond discount and issue cost applicable to the 11% bonds were $120,000 and $30,000, respectively.

(a) Prepare the journal entries necessary to record issue of the new bonds.
(b) Prepare the journal entries necessary to record the refunding of the outstanding bonds.

Reference no: EM13598022

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