Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance it

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Entries For Issuing And Calling Bonds Gain Mia Breen Corp Produces And Sells Wind Energy Driven Engines To Finance It 1 (26.86 KiB) Viewed 11 times

Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $22,000,000 of 20-year, 4% callable bonds on May 1, 2015, 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: 2015 May 1 Nov. 1 2019 Nov. 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds. Called the bond issue at 97, 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. Issued the bonds for cash at their face amount. 2015 May 1 Cash X