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Prepare the journal entries necessary to record issue

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Question - Cheyenne, Inc. had outstanding $5,770,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $8,800,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $230,800) at 104 on August 1.

Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds.

Reference no: EM132592483

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