Hill Corporation issued $1,500,000 of 10% bonds at 98 on January 2, 2019. Interest is...
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Hill Corporation issued $1,500,000 of 10% bonds at 98 on January 2, 2019. Interest is paid semiannually on June 30 and December 31. The bonds had a 10-year life from the date of issue, and the company uses the straight-line method of amortization. On March 31, 2022, Hill recalls the bonds at the call price of 108 plus accrued interest.
Required: Prepare the journal entries to record the reacquisition (recall) of Hills bonds.
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