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Prepare journal entries to record refunding of the bonds

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Reference no: EM131988172

Question - Robinson, Inc. had outstanding $5,211,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $7,264,000 of 9%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 11% bonds at 103 on August 1. Unamortized bond discount and issue cost applicable to the 11% bonds were $133,000 and $36,400, respectively.

Prepare the journal entries necessary to record (a) issue of the new bonds and (b) the refunding of the bonds.

Reference no: EM131988172

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