Business, 16.06.2020 17:57 kaylailkanic1487
Headland, Inc. had outstanding $6,510,000 of 10% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $8,620,000 of 9%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was used to call the 10% bonds (with unamortized discount of $260,400) at 104 on August 1. Unamortized bond discount and issue cost applicable to the 12% bonds were $121,000 and $39,400, respectively.
Required:
Prepare the journal entries necessary to record the issue of the new bonds and the refunding of the bonds.
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Headland, Inc. had outstanding $6,510,000 of 10% bonds (interest payable July 31 and January 31) due...
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