Answered You can hire a professional tutor to get the answer.
P14-7 (entries for life cycle of bonds) on April 1, 2010, Seminole company sold 15,000 of its 11% 15-year, $1,000 face value bonds at 97.
P14-7 (entries for life cycle of bonds) on April 1, 2010, Seminole company sold 15,000 of its 11% 15-year, $1,000 face value bonds at 97. Interest payment dates are april 1 and October 1, and the company uses the straight-line method of bond discount amortization. On march 1,2011, Seminole took advantage of favorable prices of its stock to extinguish 6,000 of the bonds by issuing 200,000 shares of its $1 pas value common stock. At the time, the accrued interest was paid in cash. The company’s stock was selling for $31 per share on March 1,2011.InstructionPrepare the journal entries needed on the books of Seminole Company to record the following.a)
