Question: EX 14-8 Entries for issuing and calling bonds; loss OBJ.3 Rushton Corp., a wholesaler of music equipment, issued $11,000,000 of 20-year, 9% call- able bonds

EX 14-8 Entries for issuing and calling bonds; loss
OBJ.3
Rushton Corp., a wholesaler of music equipment, issued $11,000,000 of 20-year, 9% call-
able bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and
September 1. The fiscal year of the company is the calendar year. Journalize the entries to
record the following selected transactions:
20Y1
Mar. 1. Issued the bonds for cash at their face amount.
Sept. 1. Paid the interest on the bonds.
20Y5
Sept. 1. Called the bond issue at 101, the rate provided in the bond indenture. (Omit
entry for payment of interest.)

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