Bond Redemption: Journalize these transactions
Jonny Cakes issued callable bonds with a par value of $100,000. The call option requires the company to pay a call premium of $3,000 to bondholders plus the par value. After the June 30th interest payment, the bonds have a carrying value of $104,500.
A $500,000 bond issue on which there is an unamortized discount of $40,000 is redeemed for $475,000.
Installment Note: use the attached Present Value of an Annuity of $1 at compound interest chart to complete the following transactions
On the first day of the fiscal year 2010, a company issues a $30,000, 10%, five year installment note.
Journalize issuing the note
Determine the annual payment
Amortize the installment note
Journalize the annual interest expense for the life of the note
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