Pas Company issued $1,000,000 of bonds on January 1, 2012.

Question 3

Pas Company issued $1,000,000 of bonds on January 1, 2012.

 

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Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2), 96, and (3) 102. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

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Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100.

 

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Prepare the journal entry to record the retirement of the bonds before maturity at 96. Assume the balance in Premium on Bonds Payable is $9,050. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

Prepare the journal entry to record the conversion of the bonds into 27,250 shares of $12 par value common stock. Assume the bonds were issued at par. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

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