Business, 08.03.2021 19:30 anytka21ovxqoa
On April 1, 2017, Seminole Company sold 15,000 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2018, Seminole took advantage of favorable prices of its stock to extinguish 6,000 of the bonds by issuing 200,000 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $31 per share on March 1, 2018.
Required:
Prepare the journal entries needed on the books of Seminole Company to record the following.
a. April 1, 2017: issuance of the bonds.
b. October 1, 2017: payment of semiannual interest.
c. December 31, 2017; accrual of interest expense.
d. March 1, 2018: extinguishment of 6,000 bonds. (No reversing entries made.)
Answers: 2
Business, 22.06.2019 02:40, shadow29916
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How are interest rates calculated by financial institutions? financial institutions generally calculate interest as (1) interest or (.
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On April 1, 2017, Seminole Company sold 15,000 of its 11%, 15-year, $1,000 face value bonds at 97. I...
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