Question: Excalibur Incorporated issued $ 1 7 0 , 0 0 0 of 5 % , four - year bonds on January 1 . The bonds

Excalibur Incorporated issued $170,000 of 5%, four-year bonds on January 1.

Excalibur Incorporated issued $170,000 of 5%, four-year bonds on January 1. The bonds pay
interest semiannually on June 30 and December 31. They were issued at par value.
Prepare the journal entry the Corporation will record on their books if they repurchase the bonds on
January 1 two years later at 101% after the semi-annual interest payment was made. (Hint: use the
Account List - click to pop open to help you with your journal entries)
The bonds pay interest semiannually on June 30 and December 31. They

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