Entries for Issuing and Calling Bonds; Loss; Polders Corp., a wholesaler of office equipment, issued...
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Entries for Issuing and Calling Bonds; Loss; Polders Corp., a wholesaler of office equipment, issued $14,800,000 of 20-year, 10% callable bonds on March 1, 2014, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.
2014
Mar. 1
Issued the bonds for cash at their face amount.
Sept. 1
Paid the interest on the bonds.
2018
Sept. 1
Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Journalize the entries to record the above selected transactions.
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