Rolfes Corp. produces and sells designer clothing. To finance its operations, Rolfes Corp. issued $4,000,000 of 30-year,
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Rolfes Corp. produces and sells designer clothing. To finance its operations, Rolfes Corp. issued $4,000,000 of 30-year, 7% callable bonds on January 1, 2008, with interest payable on January 1 and July 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:
2008
Jan. 1. Issued the bonds for cash at their face amount.
July 1. Paid the interest on the bonds.
2014
July 1. Called the bond issue at 96, the rate provided in the bond indenture.
(Omit entry for payment of interest.)
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2008 Jan 1 Cash 4000000 Bonds Payable 4000000 July 1 ...View the full answer
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