Business, 17.02.2020 19:10, Kenzie5755

On March 1, 2017, Crane Company sold 25,400 of its 9%, 20-year, $1,000 face value bonds at 98. Interest payment dates are March 1 and September 1, and the company uses the straight-line method of bond discount amortization. On February 1, 2018, Crane took advantage of favorable prices of its stock to extinguish 3,050 of the bonds by issuing 151,500 shares of its $1 par value common stock. At this time, the accrued interest was paid in cash. The company’s stock was selling for $20.25 per share on February 1, 2018.Prepare the journal entries needed on the books of Swifty Company to record the following.

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On March 1, 2017, Crane Company sold 25,400 of its 9%, 20-year, $1,000 face value bonds at 98. Inter...