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Entries for issuing and calling bonds; loss
Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on March 1, 2016 at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.
2016
Mar. 1. Issued the bonds for cash at their face amount.
Sept.l. Paid the interest on the bonds.
2020
Sept.l. Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
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Chapter 12 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
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