Entries for Issuing and Calling Bonds; Loss; Polders Corp., a wholesaler of office equipment, issued $14,800,000 of 20-year, 10% callable bonds on March 1, 2014, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year.
| 2014 |
|
| Mar. 1 |
Issued the bonds for cash at their face amount. |
| Sept. 1 |
Paid the interest on the bonds. |
| 2018 |
|
| Sept. 1 |
Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) |
Journalize the entries to record the above selected transactions.