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Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,335,000...

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Accounting

Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,335,000 of 25-year, 14% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.

Journalize the entries to record the following selected transactions:

20Y1
May 1 Issued the bonds for cash at their face amount.
Nov. 1 Paid the interest on the bonds.
20Y5
Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)

Issued the bonds for cash at their face amount.

20Y1 May 1

Paid the interest on the bonds.

20Y1 Nov. 1

Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) For a compound transaction, if an amount box does not require an entry, leave it blank.

20Y5 Nov. 1

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