BE10-10 Halloway Company has issued three different bonds during 201
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.
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.
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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