EX 14-9 Entries for issuing and calling bonds; gain
Fogel Corp. produces and sells renewable energy equipment. To finance its operations, Fogel Corp. issued $32,000,000 of 20-year, 11% callable bonds on January 1, 2012, with interest payable on January 1 and July 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:
| 2012 | |
| Jan. 1. | Issued the bonds for cash at their face amount. |
| July 1. | Paid the interest on the bonds. |
| 2018 | |
| July 1. | Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
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