Three years ago American Insulation Corporation issued 10 percent, $910,000, 8-year bonds for $825,000. Debt issue costs were $5,000. American Insulation exercised its call privilege and retired the bonds for $900,000. The corporation uses the straight-line method both to determine interest and to amortize debt issue costs.;Required;Prepare the journal entry to record the call of the bonds.
Paper#24364 | Written in 18-Jul-2015Price : $22