EX 14-8 Entries for issuing and calling bonds; loss
Dillip Corp., a wholesaler of office equipment, issued $45,000,000 of 10-year, 10% callable bonds on March 1, 2012, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:
| 2012 | |
| Mar. 1. | Issued the bonds for cash at their face amount. |
| Sept. 1. | Paid the interest on the bonds. |
| 2016 | |
| Sept. 1. | Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
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