Rushton Corp., a wholesaler of music equipment, issued $17,800,000 of 15-year, 12% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. 20Υ1 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on the bonds. 20Υ5 Sept. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) Journalize the entries to record the above selected transactions. Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Υ1 Mar 1 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Υ1 Sept . 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. 20Y5 Sept. 1

Rushton Corp., a wholesaler of music equipment, issued $17,800,000 of 15-year, 12% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. 20Υ1 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on the bonds. 20Υ5 Sept. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) Journalize the entries to record the above selected transactions. Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Υ1 Mar 1 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Υ1 Sept . 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. 20Y5 Sept. 1

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 13M

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