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April 23, 2014

Homework Help: accounting

Posted by Bob on Tuesday, September 15, 2009 at 1:16pm.

4/4/04, Corporation, which has a 12/31 year end authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of 8% per year and had a term of 6 years. Interest was payable each 9/30, and 3/31. On 7/1/05, they issued 1,000 of the bonds in exchange for $906,000 in cash. On 10/1/07, Bloomington called the bonds and paid $1,150,000 in cash.

I am having trouble finding the the amount for bonds payable, cash for the issuance date (4/1/04). Can anyone help?

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