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Emil Corp. produces and sells wind energy-driven engines. To finance its operations, Emil Corp. issued...

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Accounting

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Emil Corp. produces and sells wind energy-driven engines. To finance its operations, Emil Corp. issued $872,000 of 15-year, 12% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. ournalize the entries to record the following selected transactions 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20OYS Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.)

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