Business, 23.09.2020 14:01 jakhunter354

Matthew Perry Company had outstanding $6,000,000 of 11% bonds (interest payable January 31 and July 31) due in 10 years. On July 1, the company issued $9,000,000 of 10%, 15-year bonds (interest payable on January 1 and July 1) at 98. A portion of the proceeds of the $9,000,000 bonds was used to call the entire balance of the 11% bonds (with an unamortized discount of $120,000) at 102 on August 1. InstructionsPrepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds.

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Matthew Perry Company had outstanding $6,000,000 of 11% bonds (interest payable January 31 and July...