Project Description:

problem 8-9
on january 1, 1982, jackson corporation issued 4,000 bonds with face value of $1,000 each a coupon rate of 5 percent. the bonds were purchased by investors at a price of $1,030. jackson incurred costs of $80,000 in issuing the bonds. on january 1, 2002, which was five years prior to the bond’s maturity date, jackson redeemed the bonds at a call price of $1,080. jackson also spent $75,000 in calling the bonds. what accounting entries should jackson make to reflect this early redemption? (assume that the bond premium was being written off on a straight-line basis.)

problem 9-7
eastman, inc., incorporated in new hampshire on april 15, 2007. since the date of its inception, the following transactions occurred:
the following transactions occurred:
a. on april 15,2007 , eastman was authorized to issue, 2,000,000 shares of $6 per value common stock.

b. on april 15, 2007, the company issued 100,000 shares of common stock for $15 per share.

c. the company issued and paid a 25 percent stock dividend on december 21, 2007. the market value on that date was $16 per share.

d. on july 1, 2008, eastman sold 30,000 shares of common for $30.

e. on november 15, 2008, the company repurchased 10,000 shares of stock for $42 per share.

f. on december 15, 2008, eastman issued 5,000 shares of treasury stock at $46 per share.

g. on february 1, 2009, the stock split 2 for 1

h. on september 15, 2009, the remaining treasury stock was sold for $35 per share.

i. on december 24, 2009, eastman declared a cash dividend of $150,000

j. on january 24, 2010, the cash dividend was paid.

prepare the necessary journal entries
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