The Following Section Is Taken from Brown Corp's Statement of Financial

question 108

Essay

The following section is taken from Brown Corp's statement of financial position at December 31, 2013. Interest is payable semiannually on January 1 and July 1. The bonds are callable on any interest date.
Instructions
(a) Journalize the payment of the bond interest on January 1, 2014.
(b) Assume that on January 1, 2014, after paying interest, Brown calls bonds having a face value of $1,600,000. The call price is 104. Record the redemption of the bonds.
(c) Prepare the entry to record the payment of interest on July 1, 2014, assuming no previous accrual of interest on the remaining bonds.

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