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Unformatted text preview: the bonds, using the straight-line method and the interest method, respectively. Amortization of the items for the year ended December 31, 2011, was $960,000 and $252,000, respectively. During the year ended December 31, 2011, the Corporation repurchased, in open market transactions, $200,000,000 in face amount of the bonds for $219,333,000. The unamortized cost of issuing these bonds and the unamortized discount, $3,972,000 and $1,892,000, respectively, have been deducted in the current period. 1. Prepare the journal entry for the issuance of these bonds on September 15, 2010. 2. Prepare the journal entry for the repurchase of these bonds, assuming the date of repurchase was September 15, 2011. The cash paid to repurchase the bonds was $219,333,000....
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This note was uploaded on 03/12/2012 for the course ACCT 211 taught by Professor Kamlet during the Spring '08 term at Binghamton.
- Spring '08