Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, 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 eight percent per year and had a term of six years. Interest was payable each September 30th and March 31. On July 1, 2017, Syracuse issued 1,000 of the bonds in exchange for cash in the total amount of $906,000. On October 1, 2019, Syracuse called the bonds and paid the current bondholders $1,150,000 in cash. Prepare the journal entries related to the bonds that the corporation entered into its records during the period April 1, 2016 through December 31, 2017 In addition, prepare the journal entry that was recorded when the bonds were redeemed in October 2019.
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Effective April 1, 2016. The Syracuse Corporation, which has a year- end of December 31st, authorize...
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