Journalize the following redemption transactions:

1. Oolong Corporation retired $130,000 face value bonds on June 30, 2017, at 103. The carrying value of the bonds at the redemption date was $117,500.

2. Pine Inc. retired $150,000 face value bonds on June 30, 2017, at 97. The carrying value of the bonds at the redemption date was $151,000.

3. On Jan 1, 2019, when the carrying value of the bonds was at 104 or $832,000, a company redeemed them 106.

Journalize the following mortgage transactions. For each transaction prepare 2 journal entries -

1. To Record the mortgage 2. To record year 1 payment

1. Base Line Co. receives $250,000 when it issues a $250,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2016. The terms provide for annual installment payments of $40,000 on December 31

2. Heller Company borrowed $600,000 on December 31, 2017, by issuing a $600,000, 8% mortgage note payable. The terms call for annual installment payments of $80,000 on December 31.

3. Willis Electronics issues a $600,000, 8%, 10-year mortgage note on December 31, 2016, to help finance a plant expansion program. The terms of the note provide for annual installment payments of $89,418. Payments are due on December 31

4. Porter Technology Inc. issues a $500,000, 8%, 20-year mortgage note on December 31, 2020, to obtain needed financing for a new research laboratory. The terms provide for annual installment payments of $50,926 on December 31