1. On December 31, MNT Inc. decided to retire $300,000 of callable bonds early. The...
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1. On December 31, MNT Inc. decided to retire $300,000 of callable bonds early. The bonds had been issued at face value 7 years earlier. The bond indenture requires that the company pay 103 if bonds are retired early. Prepare the journal entry for the early retirement of the bonds.
2.On December 31, Robotics Corporation retired $500,000 of bonds before the original maturity date. The bonds had been issued at a premium and $1,250 of premium remained at the time of retirement. The bonds were retired at 101. Prepare the journal entry.
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