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Accounting questions concerning bonds for ACC/291;BE10-10

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Accounting questions concerning bonds for ACC/291; BE10-10 for Halloway Company BE10-11 for Lemay Company


 






BE10-10 Halloway Company has issued three different bonds during 2011. Interest is payable semiannually on each of these bonds.


1. OnJanuary1,2011,1,000,8%,5-year,$1,000bondsdatedJanuary1,2011,wereissuedatface value.


2. OnJuly1,$800,000,9%,5-yearbondsdatedJuly1,2011,wereissuedat102.
3. OnSeptember1,$200,000,7%,5-yearbondsdatedSeptember1,2011,wereissuedat98.


Prepare the journal entry to record each bond transaction at the date of issuance.


 



BE10-11 The balance sheet for Lemay Company reports the following information on July 1, 2011.


Long-term liabilities
Bonds payable $1,000,000
Less: Discount on bonds payable 60,000 $940,000


Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the jour- nal entry to record the redemption on July 1, 2011. 





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